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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.
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]
2002 – WorldCom files for Chapter 11 bankruptcy protection as a result of a massive $11 billion accounting scandal. 2003 – The UUNET brand re-emerges as WorldCom 's wholesale-only brand. 2004 – WorldCom emerges from Chapter 11 bankruptcy and renames itself to MCI , still using the UUNET brand for wholesale business.
Companies that filed for Chapter 11 bankruptcy in 2023 (4 C, 165 P) Companies that filed for Chapter 11 bankruptcy in 2024 (170 P) Companies that filed for Chapter 11 bankruptcy in 2025 (9 P)
Chapter 3: Case Administration; Chapter 5: Creditors, the Debtor and the Estate; Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality; Chapter 11: Reorganization; Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income; Chapter 13: Adjustment of Debts of an Individual with Regular Income
[12] [13] As ranked by total assets, GM's bankruptcy marks one of the largest corporate Chapter 11 bankruptcies in US history. 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 ...
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