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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]
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 ...
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.
Soft Surroundings filed for Chapter 11 bankruptcy on September 11, 2023, announcing plans to close all 44 of its stores and sell its online and catalog business to Coldwater Creek. [ 284 ] Southeastern Grocers , owner of BI-LO , Harveys , Winn-Dixie , and Fresco y Más, filed for Chapter 11 bankruptcy on March 15, 2018.
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]
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.
The Chapter 11 filing was the fourth-largest in US history, following Lehman Brothers Holdings Inc., Washington Mutual and WorldCom Inc. [14] A new entity with the backing of the United States Treasury was formed to acquire profitable assets, under section 363 of the Bankruptcy Code, with the new company planning to issue an initial public ...
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