the U.S. Bankruptcy Reform Act (1978) that entitles enterprises experiencing financial difficulties to apply for protection from creditors and thus have an opportunity to avoid bankruptcy
For many business owners bankruptcy seems scary but, sometimes, declaring bankruptcy is a worthwhile strategy. If you are considering the possibility of declaring bankrupting for your business, this paper will review some key points you must know. Two of the most popular types of bankruptcy include Chapter 7 and Chapter...
Section 1102 of the Bankruptcy Code directs the United States Trustee to appoint an unsecured Creditors' Committee as soon as practicable after the filing of a Chapter 11 case. A Chapter 11 Creditors' Committee is the representative of all of the debtor's unsecured creditors and is...
Rondalco Agrees to Drop Chap. 11, Will Liquidate Rondalco Industries, Inc., former manufacturer of women's apparel, has agreed to the dismissal of its Chapter 11 proceedings and will be liquidated. The agreement followed a move by the Internal Revenue...
Once a source of great shame, corporate bankruptcy has become almost fashionable, particularly in industries such as airlines and steel that are squeezed by labor costs and fierce, low-priced competition. Companies in these industries are famous for repeat trips to the Chapter 11 well, prompting some lawyers to joke...
Zilog Inc. is rolling out plans to file for Chapter 11 in U.S. Bankruptcy Court, but the company says the move is an effort to stave off the tax collector rather than creditors.
ST. PETERSBURG, Fla.--BUSINESS WIRE--Aug. 1, 1995--The Chapter 11 Trustee for Geonex Corp. announced today that he has filed a plan of reorganization in the company's Chapter 11 case.The plan was based on an agreement reached between the Trustee and the company's major creditor, Morgens Waterfall Income Partners, which was endorsed...
ACA JOE'S CHAPTER 11 PLAN GOES INTO EFFECT SAN FRANCISCO FNS -- Aca Joe, Inc., said Tuesday its Chapter 11 reorganization plan, which was confirmed by Bankruptcy Judge Lloyd King last month, has gone into effect. Payment to creditors was...
Naturade, Inc. (OTCBB: NRDC) announced today that it has filed for reorganization under Chapter 11 of the Bankruptcy Code, and it will submit a Plan of Reorganization next week to restructure its debts to its creditors. Laurus Master Fund has agreed to continue their revolving line of credit DIP...
CINCINNATI FNS --Federated Department Stores, Inc., and Allied Stores Corp. took a giant step toward emerging from bankruptcy when they filed a disclosure statement and amended Chapter 11 plan Monday. The plan offers to settle $8.2 billion in total debts and includes an...
Under the U.S. Bankruptcy Code, debtors may file under Chapter 7, which provides for the liquidation of assets to pay debts. They also may file under Chapter 11, which allows a company to reorganize its finances; under Chapter 12, which allows a farmer to submit a repayment plan to the...
The following businesses filed for Chapter 7 or 11 protection in U.S. Bankruptcy Court in Detroit the week of Aug. 27-Sept. 2. Under Chapter 11, a company files a reorganization plan that the court must approve. Chapter 7 involves total liquidation. The following businesses filed...
The increasing chapter 11 caseload does not so much present new issues for United States Trustees, as raise some difficult issues with greater frequency and in jurisdictions that have not encountered them before. Issues seen only rarely if at all by a United States Trustee, or issues that seemed peculiar...
Northwest Airlines on Thursday filed its long-awaited plan for getting out of Chapter 11 bankruptcy, promising to pay its unsecured creditors newly issued stock valued at about three-quarters of what they're owed. In a conference call with reporters, CEO Douglas Steenland said Northwest is on track...
By Jennifer Mann, The Kansas City Star, Mo. Knight Ridder/Tribune Business News Jun. 6--Millard Barron, three years after joining Payless Cashways Inc. as the guy who was going to turn the troubled retailer around, instead finds himself shepherding it through a Chapter 11...
An odd thing has happened in the obscure but spirited fight activists are waging against NAFTA's notorious Chapter 11 and the exclusive legal privileges it gives to multinational investors. The Chapter 11 opposition is going mainstream and respectable. Not so long ago, the only folks raising...
PACIFIC GAS AND ELECTRIC Co. Friday filed a voluntary petition for Chapter 11 protection with the U.S. Bankruptcy Court for the Northern District of California. "We chose to file for Chapter 11 reorganization affirmatively because we expect the court will provide the venue needed to reach a solution, which thus...
