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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]
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.
Modern examples include the General Motors Chapter 11 reorganization and the Enron and WorldCom bankruptcies. [2] From 1980 through 2014, the Southern District Bankruptcy Court for New York handled over 18% of all large, public-company bankruptcy filings in the United States while the Delaware District Bankruptcy Court handled nearly 36%. [3]
The New York State Fair will be held in Syracuse on August 21, and tickets are now on sale.. From Wednesday, Aug. 21, to Monday, Sep. 2, the Great NYS Fair will be held at 581 State Fair Blvd. in ...
As part of Chapter 7 bankruptcy, your credit card debt is typically discharged immediately. On the other hand, Chapter 13 bankruptcy focuses on reorganizing your debts.
New § 362(c)(3) provides that if the debtor files a chapter 7, 11 or 13 case within one year of the dismissal of an earlier case, the automatic stay in the present case terminates 30 days after the filing, unless the debtor or some other party in interest files a motion and demonstrates that the present case was filed in good faith with ...
One of Minnesota's best-known breweries filed for bankruptcy protection this week as Fair State Brewing Cooperative seeks a way through a mountain of debt. ... The Chapter 11 filing seeks to ...
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