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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]
Golden Minerals emerged from Apex Chapter 11 on March 24, 2009. Under the Plan, all the assets of Apex Silver, other than a small cash reserve for the payment of liquidation expenses, were transferred to Golden Minerals Company, a Delaware corporation that is Apex Silver's successor.
One dimension of the liquidation was the sale of over 170 music licenses owned by Delta Entertainment. [6] Delta Entertainment's Chapter 11 filing had been preceded by a lawsuit, commenced in 2003, against the Harry Fox Agency, which at that time had ceased to issue any further licenses to Delta Entertainment. The two parties disputed amounts ...
Under the reorganization process, termed a 363 sale (for Section 363 which is located in Title 11, Chapter 3, Subchapter IV of the United States Code, a part of the Bankruptcy Code), the purchaser of the assets of a company in bankruptcy proceedings is able to obtain approval for the purchase from the court prior to the submission of a re ...
Audacy, the struggling multi-platform audio content company, has begun prepackaged Chapter 11 bankruptcy proceedings in US Bankruptcy Court for the Southern District of Texas, the company ...
The report did not specify a date for the closures. [16] On March 2, 2016, Sports Authority filed for Chapter 11 bankruptcy. [17] After considering restructuring, Sports Authority announced that on April 26, they would sell all of their assets, including all of the remaining store locations. [18]
The willingness of governments to allow lenders to place debtor-in-possession financing claims ahead of an insolvent company's existing debt varies; US bankruptcy law expressly allows this [8] while French law had long treated the practice as soutien abusif, requiring employees and state interests be paid first even if the end result was liquidation instead of corporate restructuring.
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