What is Chapter 11?
1.
Contrary to pouplar belief, Chapter 11 is not bankruptcy... It is Bankruptcy PROTECTION. Companies file Chapter 11 in order to restructure while protecting themselves from being liquidated by creditors.
Chapter 7 is liquidation with a cessation of all business activities.
US Airways Filed for Chapter 11 again. If the judge doesn't cancel the employee contracts, they'll be in Chapter 7 soon.
2.
An essential chapter to avoid bankruptcy; also used to describe a bankruptcy lawyer's genitals.
Yeah so I was having this Chester guy handle my chapter 11 cause im in serious debt, but it turns out the whole time he was feeling his own chapter 11. Never trust a Salomon
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3.
To go bankrupt, to lose all money.
K-Mart is going to chapter 11 if they keep selling low quality products.
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