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Chapter 11 usually results in reorganization of the debtor's business or personal assets and debts, but can also be used as a mechanism for liquidation. Debtors may "emerge" from a chapter 11 bankruptcy within a few months or within several years, depending on the size and complexity of the bankruptcy.
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 ...
Motors Liquidation Company (MLC), formerly General Motors Corporation, was the company left to settle past liability claims from Chapter 11 reorganization of American car manufacturer General Motors.
Bob’s Stores, a discount store located in northeast America, is shutting down after seven decades in business. The retailer recently filed for Chapter 11 bankruptcy protection, and as a result ...
Party City, which operated about 750 stores, had filed for Chapter 11 bankruptcy in January 2023 and emerged from the process in October 2023 with $1 billion less in debt. It also named a new CEO ...
Spirit Airlines has filed for Chapter 11 bankruptcy protection following significant financial struggles due to mounting losses and debt maturities, the airline announced Monday.. The filing comes ...
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