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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]
11 U.S.C. §§1113(d), (e) and (f). The debtor's rejection of the collective bargaining agreement does not terminate the debtor's duty to bargain with the union under the NLRA . Even if a bankruptcy court permits the debtor to reject the entire collective bargaining agreement, the debtor may unilaterally implement only those changes in ...
Title 11 is subdivided into nine chapters. It used to include more chapters, but some of them have since been repealed in their entirety. The nine chapters are: [2] Chapter 1: General Provisions; Chapter 3: Case Administration; Chapter 5: Creditors, the Debtor and the Estate; Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality
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 ...
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
Motors Liquidation Company Claim Agent: Bankruptcy paperwork and related documents "GM Viability Assessment" (PDF). Executive office of the President of the United States. March 30, 2009. Archived from the original (PDF) on April 7, 2009 Assessment of the GM plan of February 17, 2009, presented to the U.S. Government
Chrysler Chapter 11 reorganization was the petition for bankruptcy on April 30, 2009 of Chrysler car company and 24 of its affiliated subsidiaries with the federal bankruptcy court in New York. [ 1 ] [ 2 ] The court filing occurred upon failure of the company to come to an agreement with its creditors for an outside-of-bankruptcy restructuring ...
On February 16, 2011, the company announced that it had filed for Chapter 11 bankruptcy protection, listing $1.275 billion in assets and $1.293 billion in debts in its filing. [ 51 ] [ 52 ] The company also announced the liquidation and closing of 226 stores. [ 53 ]