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Chapter 11 bankruptcy is a type of bankruptcy that allows businesses to reorganize their finances and operations while continuing to operate. It is typically used by companies that are struggling financially but still have the potential to become profitable again with some restructuring.
When a company files for Chapter 11 bankruptcy, it becomes known as the debtor-in-possession, meaning it retains control of its assets and operations while reorganizing. During this time, the company can negotiate with its creditors to devise a plan to pay off its debts over time.
The company may also seek court approval for additional financing to help it continue operating during bankruptcy. This financing is often referred to as debtor-in-possession financing. It is typically provided by lenders willing to take on the risk of lending to a company in bankruptcy.
Once the company has developed a reorganization plan and received court approval, it must begin implementing it. This may involve selling off assets, renegotiating contracts, or making other company operations changes.
Overall, Chapter 11 bankruptcy is a complex process that can take several years to complete. However, it can be a valuable tool for businesses that are struggling financially but have the potential to become profitable again with some restructuring.
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