Should Auto Manufacturers simply file Chapter 11?
Bailout isn’t going to happen…
and the more I think about it the worse the bailout idea gets
from link:
Reorganization Under the Bankruptcy Code
The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.)
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html
That is the way it’s done when company can no longer compete…for whatever reasons…isn’t it?
Posted July 18th, 2010 in When To File Bankruptcy. Tagged: bailout, bankruptcy code, bankruptcycourts, chapter 11, chapter11, creditors, debtor, partnership, plan of reorganization, uscourts gov.
say no to bailout, no one will bail my company out
July 18th, 2010 at 9:27 pm