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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]
Terms of an employee contract negotiated over years can be eliminated in months through Chapter 11. Terms of the Railway Labor Act, amended in 1936 to cover airlines, prevent most labor union work actions before, during and after an airline bankruptcy. Continental Airlines declared bankruptcy, Chapter 11, a second time in December 1990.
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 ...
Electric truck maker Nikola Corp. filed for Chapter 11 bankruptcy protection on Wednesday after the company failed to overcome market and macroeconomic challenges. "Like other companies in the ...
Download as PDF; Printable version; In other projects Wikidata item; Appearance. move to sidebar hide. ... Companies that filed for Chapter 11 bankruptcy in 2023 (4 C ...
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 ...
The company filed for Chapter 11 bankruptcy (reorganization of debt) in September 2019, amidst the investigation, [16] and less than a month later it filed for a Chapter 7 bankruptcy (liquidation) and shut down. [3] In 2021, the Securities and Exchange Commission charged two of the cofounders (Richman and Apte) with defrauding investors.
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. [ 288 ] Southeastern Grocers , owner of BI-LO , Harveys , Winn-Dixie , and Fresco y Más, filed for Chapter 11 bankruptcy on March 15, 2018.
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