In the event of a bankruptcy, it gets its loans repaid first — ahead of banks, and perhaps even Mr. Picard, the Madoff trustee.
While at the time the Bulgarian National Bank, Girdap's most important creditor, was opposed to Girdap's declaration of bankruptcy, it reversed its stance two years later.
After NorthPoint declared bankruptcy, it sold all of its assets -- except its customer accounts -- to AT&T for $135 million.
Reduced government business is unlikely to derail WorldCom's emergence from bankruptcy; it will formally change its name to MCI then.
Borders said that even in bankruptcy, it has successfully expanded its customer rewards program, called Borders Rewards, and is counting on further growth.
Public pensions are considered so bulletproof that when the city of Vallejo, Calif., recently restructured its finances in bankruptcy, it cut other costs but left worker pensions intact.
During the company's slide into bankruptcy, it had to suspend some of its investments.
If it declares bankruptcy, it still may try to keep its pension plan afloat.
When Bethlehem Steel filed for bankruptcy, it owed about four billion dollars to its pension plan, and had another three billion dollars in unmet health-care obligations.
Although the Gingrich Group filed the notice of bankruptcy, it hasn't yet filed the required list debts it owes its creditors.
BANKRUPTCY, it is generally agreed, is a very bad thing.
