English version

Chapter 11

From Longman Dictionary of Contemporary EnglishChapter 11Chapter 11 /ˌtʃæptər ɪˈlevən/  a part of the US bankruptcy laws that allows a company with financial problems to reorganize itself so that it will not be forced to close down Our competitor has filed for Chapter 11. Chapter 11 proceedingsFrom Longman Business DictionaryChapter 11Chapter 11 /ˌtʃæptər ɪˈlevən/ noun [uncountable] LAWFINANCE part of the US law that deals with the process by which companies officially become bankrupt. Chapter 11 gives failing companies a period of time to reorganize, after which they must pay their creditors (=the people or companies they owe money to)The company said it filed for Chapter 11 protection (=asked for protection under Chapter 11) so it could fix financial and operational problems.MCI, formerly WorldCom, emerged from Chapter 11 in April 2004.
Pictures of the day
What are these?
Click on the pictures to check.