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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]
As part of a reorganization plan agreed to with the U.S., Canadian and Ontario governments, and the company's unions, General Motors filed for Chapter 11 bankruptcy protection in a federal Manhattan court in New York on June 1, 2009, at approximately 8:00 am, planning to re-emerge as a less debt-burdened organization. [13]
NEW YORK (Reuters) -A U.S. bankruptcy judge on Thursday approved WeWork's Chapter 11 bankruptcy plan, allowing the shared office space provider to eliminate $4 billion in debt and hand the company ...
Filed for Chapter 11 bankruptcy in 2009. ... 2009, although this plan was later reversed. Motors Liquidation Company had until January 7, 2010, for the deadline of ...
U.S. Bankruptcy Judge John Dorsey approved the wind-down plan at a court hearing in Wilmington, Delaware, saying FTX's success made it "a model case for how to deal with a very complex Chapter 11 ...
U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 liquidation plan and overruled an objection raised by DCG, which had argued that Genesis should pay its customers and creditors no ...
An example is the airline industry; in 2006, over half the industry's seating capacity was on airlines that were in Chapter 11. [10] In a pre-packaged case, the plan proponents will have secured sufficient support from creditors to confirm their plan of reorganization prior to filing for Chapter 11 reorganization.
A judge in U.S. Bankruptcy Court in Erie approved the Chapter 11 plan in 2021. Three years later, 2024 is on its way to being a significant year for the Edgewater Beach project — the sale of the ...