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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]
Filed for bankruptcy, Chapter 11. [6] 2004, Sep: Tucson, AZ: $22.2 million: 50 (over) Filed for Chapter 11 bankruptcy, after reaching an agreement with its victims [7] 2004, Dec: Spokane, WA: $48 million (at least) Filed for bankruptcy, payment was a part (has to be approved by judge and victims) [8] 2005, Jan 3: Orange, CA: 30 priests, 2 nuns ...
Bankruptcy under Chapter 11, Chapter 12, or Chapter 13 is a more complex reorganization and involves allowing the debtor to keep some or all of his or her property and to use future earnings to pay off creditors. Consumers usually file chapter 7 or chapter 13. Chapter 11 filings by individuals are allowed, but are rare.
When financial troubles mount and debts are piling up, filing for bankruptcy protection may be a last resort option. Personal bankruptcy filings usually involve Chapter 7 or Chapter 13, but when ...
The company had a grace period for interest payments due in October 2023. At the time, Audacy said it was going to use the extension to strategize a plan with lenders for its business operations.
The Chapter 11 filing came after weeks of reports of the chain’s financial troubles. It closed nearly 50 restaurants nationwide in late October before declaring bankruptcy. And, in January, 36 ...
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