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In the second step, the newly created spin-off declares a chapter 11 bankruptcy, usually in North Carolina, where bankruptcy courts are perceived to be more open to this scheme. The Texas two-step allows solvent companies to shield their assets from litigants using protections that are normally reserved for bankrupt companies. [1]
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Companies that filed for Chapter 11 bankruptcy in 2023 (4 C, 165 P) Companies that filed for Chapter 11 bankruptcy in 2024 (171 P) Companies that filed for Chapter 11 bankruptcy in 2025 (9 P)
Continue reading ->The post Chapter 11 Bankruptcy, Explained appeared first on SmartAsset Blog. Personal bankruptcy filings usually involve Chapter 7 or Chapter 13, but when businesses need help ...
It's not uncommon for business owners to worry about paying creditors, especially during times of extended economic downturn. But when a business is struggling with debt to the point that it can...
Bankruptcy under Chapter 11, Chapter 12, or Chapter 13 is a more complex reorganization and involves allowing the debtor to keep some or all of his or her property and to use future earnings to pay off creditors. Consumers usually file chapter 7 or chapter 13. Chapter 11 filings by individuals are allowed, but are rare.
Terms of an employee contract negotiated over years can be eliminated in months through Chapter 11. Terms of the Railway Labor Act, amended in 1936 to cover airlines, prevent most labor union work actions before, during and after an airline bankruptcy. Continental Airlines declared bankruptcy, Chapter 11, a second time in December 1990.
Struggling media company Vice Media Group said on Monday it had filed for Chapter 11 protection to facilitate its sale to a subset of its backers. The company said in a court filing that it listed ...
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