Archive for the ‘Run Business’ Category

Chapter 11 Benefits American Companies

26 January 2012 by Kelly G. Black  |  Continued Control, Eliminate Debt, News, Relief from Creditors, Run Business  |  No Comments

USA Today is running an article contrasting US reorganizations under Chapter 11 with foreign bankruptcy and insolvency law. In general, a Chapter 11 case allows management to retain control and run a business under the protection of the bankruptcy court, while proposing a plan to reduce or restructure its liabilities. While US law also allows liquidation, many other countries allow only liquidation, or sometimes a very restricted restricted reorganization. NASDAQ states that Chapter 11 provides American companies a competitive advantage. If you are considering requesting Chapter 11 bankruptcy protection, you should consult with an attorney familiar with Chapter 11 bankruptcies…

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Solyndra Can Continue Managing Its Own Chapter 11 Case

18 October 2011 by Kelly G. Black  |  Continued Control, Run Business  |  No Comments

Solyndra, the alternative energy company which took stimulus money, filed for Chapter 11 bankruptcy in early September. The office of the United States Trustee recently asked Solyndra’s bankruptcy judge to appoint an independent trustee to assume control of the company. This request highlights several important aspects of a Chapter 11 case. First, in a Chapter 11 bankruptcy case, the debtor is also the trustee in the case. The debtor is designated “debtor in possession” to indicate that it remains in control of its assets and business. In the case of Solyndra, for example, this means that its existing management continued…

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Realty Executives Keeps Operating, Negotiates Leases

24 May 2011 by Kelly G. Black  |  Reject Leases, Run Business  |  No Comments

Arizona-based Realty Executives is in the news with its recent Chapter 11 filing. A Yuma newspaper notes two features of the Realty Executives case which are common in Chapter 11 cases: “It’s business as usual for local agents.” In a Chapter 11, a business can continue to operate during the bankruptcy case. “The brokerage has been renegotiating its leases on several offices in Phoenix and Tucson that had been negotiated at the height of the real estate market and no longer were in line with current market conditions.” A Chapter 11 bankruptcy gives a debtor the right to reject burdensome…

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