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.
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