Lenders to the company, which makes Calvin Klein jeans and Speedo swimsuits, are demanding that the company file a recovery plan under its Chapter 11 reorganization before August.
INNOVATIVE CLINICAL SOLUTIONS LTD., Providence, R.I., which helps biopharmaceutical companies bring their drugs to market, filed its plan of reorganization under Chapter 11 of the federal bankruptcy law.
If an agreement with creditors can be reached, "the company would present the plan for judicial approval under Chapter 11 of the U.S. Bankruptcy Code," Conseco said in a filing with the Securities and Exchange Commission.
Under the restructuring plan, MGM is to be reorganized under Chapter 11 of the United States Bankruptcy Code before resuming operations that have largely been on hold for months.
In the same message, he said that "under Chapter 11, our plan will have to be more aggressive than it would have been out of court".
The matters involve borrowers operating under Chapter 13 bankruptcy plans overseen by the court in the Northern District of Georgia.
Trump Hotels said it planned to file for bankruptcy protection under Chapter 11, which, unlike a Chapter 7 bankruptcy, does not mean the company is going out of business.
Facing a cash flow crisis, Stone & Webster has agreed to sell its assets and contracts to the Jacobs Engineering Group and plans to seek protection from creditors under Chapter 11 of the federal bankruptcy laws.
