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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]
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.
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 ...
After scoring approval from a U.S. bankruptcy judge last week to move forward with its proposal, the Orlando, Florida-based company now awaits an exit from Chapter 11 bankruptcy protection.
General Growth Properties (GGP) filed a reorganization plan, seeking to emerge from bankruptcy in October with $7 billion to $8.5 billion in new capital, the company announced Tuesday. The nation ...
WaveTrue, Inc. ( f/k/a Profile Technologies, Inc.) Announces Reorganization and Exit from Chapter 11 Business Wirevia The Motley Fool Updated July 14, 2016 at 9:56 PM
In the U.S., Chapter 11 bankruptcy made it possible for a business to declare bankruptcy without actually being insolvent. It is also strongly weighted toward retaining the existing management through the process of restructuring, on the basis that the existing management would be most familiar with the business and thus best equipped to preserve as much of its value as possible.
The plan enables Furla USA to exit Chapter 11 swiftly. “It was all very fast and smooth,” Furla’s president Giovanna Furlanetto told WWD in an exclusive interview.
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