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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.
Red Lobster officially filed for Chapter 11 bankruptcy in Florida on Sunday, the company said in a statement Sunday night.. The seafood chain has entered into a "stalking-horse purchase agreement ...
Official forms are used in filing a bankruptcy case. [9] A bankruptcy case is begun with the filing of the official form B1 bankruptcy petition. [10] The filing of a chapter 7 or chapter 13 personal bankruptcy case also requires the filing of schedules A through J, the statement of financial affairs as well as the form B22 means test.
The Orlando, Florida-based chain, which lost $76 million in 2023, shuttered dozens of its North American restaurants over recent months — both leading up to and during the bankruptcy process.
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]
Chicken Soup for the Soul Entertainment, Parent of Redbox, Files for Chapter 11 Bankruptcy Disclosing Nearly $1 Billion in Debts Todd Spangler June 29, 2024 at 9:20 AM
The case was, however, quietly dropped by 1996. [5] The chain filed for Chapter 11 Bankruptcy in 1996, then shrunk to 59 stores from a 1994 peak of 79. [6] The assets of the company were bought by Elmsford, New York based investor Asher Fensterheim for $7 million, and were formed into a new company, Lillie Rubin Fashions, which was to operate ...
Rubio’s Restaurants filed for Chapter 11 bankruptcy protection in June. The fast-casual chain, known for its fish tacos, had 86 locations at the time across California, Nevada and Arizona.