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Chapter 11
noun
- a section of the Bankruptcy Code that provides for the reorganization of an insolvent corporation under court supervision and can establish a schedule for the payment of debts and, in some cases, a new corporation that can continue to do business.
chapter 11
noun
- the statute regarding the reorganization of a failing business empowering a court to allow the debtors to remain in control of the business to attempt to save it
they are in chapter 11
51Թ History and Origins
Origin of Chapter 111
Example Sentences
Forever 21’s U.S. operating company filed for Chapter 11 bankruptcy over the weekend and will seek to sell all or some of its assets, according to court documents.
“We made the decision to file for Chapter 11 to implement a court-supervised marketing process to solicit a going concern transaction, and, in the absence of such an arrangement, an orderly wind-down of operations,” said Brad Sell, chief executive of Forever 21’s U.S. operating company, F21 OpCo.
South San Francisco-based genetic testing venture 23andMe saw its shares plunge more than 50% Monday after the company announced it had filed for Chapter 11 bankruptcy protection.
On Sunday it announced that it has filed for Chapter 11 bankruptcy protection, with plans to find a buyer.
The company also fell victim to internal squabbles, all of which led to the chief executive’s resignation and a Chapter 11 bankruptcy filing on Sunday.
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