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December 2014 Archives

Private day school operating through Chapter 11 plan

Business corporations are not the only entities allowed to file a Chapter 11 bankruptcy in Pennsylvania and other states. Other business structures, large and small, may do so. A private school may also file chapter 11 and keep operating under the reorganization plan that it proposes.

Girls' clothing retailer files Chapter 11, looking to liquidate

The Bankruptcy Code allows a business in Pennsylvania or elsewhere to file a Chapter 11 bankruptcy. This reorganization provision is generally a plan to restructure the finances and activities of the company and remain in business. Some companies, however, may need Chapter 11 only as a transitional phase where they will continue to operate at least partially, but under a plan that, in the end, will lead to final closing and liquidation.

Chapter 11 bankruptcy wrangling will decide Taj Mahal's future

A Chapter 11 bankruptcy gives a business entity the chance to significantly reorganize its debt structure in an attempt to find a viable way to remain operating. That solution also generally benefits the creditors, who otherwise might get a far lower return in a Chapter 7 liquidation. The procedure and general legal principles are similar from state-to-state, including in Pennsylvania, because the bankruptcy laws are based largely on the federal Bankruptcy Code.

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