Chapter 11

Chapter 11
Provisions of the Bankruptcy Reform Act ( bankruptcy) under which the debtor firm is reorganized by a court because the estimated value of the reorganized firm exceeds the expected proceeds from its liquidation. Bloomberg Financial Dictionary

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Chapter 11 Chapter 11 [ˌtʆæptər ɪˈlevn] noun [uncountable]
LAW FINANCE part of the US law that deals with the process by which companies officially become bankrupt. Chapter 11 gives failing companies a period of time to reorganize, after which they must pay their creditor S (= the people or companies they owe money to ) :

• The company said it filed for Chapter 11 protection (= asked for protection under Chapter 11 ) so it could fix financial and operational problems.

• MCI, formerly WorldCom, emerged from Chapter 11 in April 2004.

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   An arrangement under US insolvency laws by which a debtor who is unable to pay his debts remains in possession of his business and in control of its operations unless a court rules otherwise. The arrangement allows debtors and creditors considerable flexibility in working together to reorganize the business.
   ► See also Insolvent.

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Chapter 11 UK US noun [U]
► LAW, FINANCE a part of the US law dealing with bankruptcy which protects companies from their creditors (= the people they owe money to) by allowing them extra time to improve their business before they have to pay back their debts: »

The company filed for Chapter 11 bankruptcy protection after suppliers stopped shipments to its stores.


Financial and business terms. 2012.

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