Exact(3)
The original agreement, announced in April 2005, required the filing of a Chapter 11 reorganization plan before the sale could be consummated.
Given the price of all Mirant securities today, one would have to conclude that this voluntary filing of a Chapter 11 bankruptcy versus a prepackaged filing banks could consent to was a huge miscalculation that serves absolutely no one except the lawyers.
KaloBios's filing of a Chapter 11 bankruptcy claim on Tuesday comes just a day after the company challenged a delisting letter from the Nasdaq Stock Exchange.
Similar(5)
The three most common types are: Chapter 7. The most well known type of bankruptcy filing is a Chapter 7 bankruptcy.
During that time, one major tenant, the Good Guys, a national appliance retailer, pulled out of the project, while the prospective theater operator, Mann Theaters of Los Angeles, filed a Chapter 11 bankruptcy.
In its revitalization plan filed with the Treasury Department on Feb. 17, G.M. insisted that the risks of a Chapter 11 filing "outweigh the benefits of a bankruptcy based approach" to a restructuring.
In some cases alternative solutions had been found that avoided the necessity of a Chapter 9 filing.
Other companies have put themselves up for sale to the highest bidder as part of a Chapter 11 filing.
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