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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]
A corporation may be chartered in any of the 50 states (or the District of Columbia) and may become authorized to do business in each jurisdiction it does business within, except that when a corporation sues or is sued over a contract, the court, regardless of where the corporation's headquarters office is located, or where the transaction ...
On November 16, 2012, the company filed a motion in United States Bankruptcy Court for the Southern District of New York in White Plains to close its business and sell its assets. On November 21, the motion was accepted [6] and a judge agreed to sell the Hostess brands.
United States bankruptcy courts are courts created under Article I of the United States Constitution. [1] The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. [2] United States bankruptcy courts function as units of the district courts and have subject-matter jurisdiction over ...
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 ...
NEW YORK (Reuters) -A U.S. bankruptcy judge on Thursday approved WeWork's Chapter 11 bankruptcy plan, allowing the shared office space provider to eliminate $4 billion in debt and hand the company ...
In its Chapter 11 petition earlier this year, filed in U.S. Bankruptcy Court for the District of Delaware, Express Inc. reported nearly $1.2 billion in total debts and $1.3 billion in total assets ...
Pillowtex Corporation was a United States textile manufacturing company from 1954 to 2003. Beginning as a pillow manufacturer, the company diversified and manufactured bedsheets under various brand names. The company was officially declared bankrupt on October 7, 2003. The company liquidated over the following nine years, including machinery ...