- published: 14 Apr 2016
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Chapter 11 is a chapter of Title 11 of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy (although liquidation can go under this chapter), while Chapter 13 provides a reorganization process for the majority of private individuals.
When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11.
In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the owners of the company. In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession, and is subject to the oversight and jurisdiction of the court.
American Apparel is an American clothing manufacturer, designer, distributor, marketer and retailer based in Los Angeles, California. Founded by Dov Charney in 1989, it is a vertically integrated company that is one of the largest apparel manufacturers in North America.
The company, which has not made a profit since 2009, filed for chapter 11 bankruptcy in the U.S. on October 5, 2015 in the United States Bankruptcy Court for the Central District of California. It has been reported that the brand has agreed a plan with its creditors to convert $200 million of debt into equity, $90 million in debtor financing and $70 million in new capital.
American Apparel was founded in 1989 by Canadian Dov Charney.
In 1997 after a variety of iterations, including a period of manufacturing in South Carolina, the company moved to Los Angeles. Charney began to sub-contract sewing with Sam Lim who, at the time, had a shop with 50 workers under the Interstate 10 freeway in east LA. Months later the two became partners. In 2000 American Apparel moved into its current factory in downtown Los Angeles where it continued to grow primarily as a wholesale business, selling blank T-shirts to screenprinters, uniform companies and fashion brands. After its experience as a wholesale brand, the company moved into the retail market. The company was ranked 308th in Inc.'s 2005 list of the 500 fastest growing companies in the United States, with a 440% three-year growth and revenues in 2005 of over US$211 million.
Chapter Seven refers to a seventh chapter, but the term may also refer to:
Chapter 13 of the United States Bankruptcy Code, which is codified under Title 11 of the United States Code, sets forth the statutes governing the various types of relief for bankruptcy in the United States, provides an individual the opportunity to propose a plan of financial reorganization to reorganize their financial affairs while under the protection of the bankruptcy court. The purpose of chapter 13 is to enable an individual with a regular source of income to propose a chapter 13 plan that provides for their various classes of creditors. Under chapter 13, the Bankruptcy Court has the power to approve a chapter 13 plan without the approval of creditors as long as it meets the statutory requirements under chapter 13. Chapter 13 plans are usually three to five years in length and may not exceed five years. Chapter 13 is in contrast to the purpose of Chapter 7, which does not provide for a plan of reorganization, but provides for the discharge of dischargeable debt and the liquidation of non-exempt property. A Chapter 13 plan may be looked at as a form of debt consolidation, but a Chapter 13 allows a person to achieve much more than simply consolidating his unsecured debt such as credit cards and personal loans. A chapter 13 plan may provide for the three general categories of debt: priority claims, secured claims, priority unsecured claims, and general unsecured claims. Chapter 13 plans are often used to cure arrearages on a mortgage, avoid "underwater" junior mortgages or other liens, pay back taxes over time, or partially repay general unsecured debt. In recent years, some bankruptcy courts have allowed Chapter 13 to be used as a platform to expedite a mortgage modification application.
Chapter 7 of the Title 11 of the United States Code (Bankruptcy Code) governs the process of liquidation under the bankruptcy laws of the United States. (In contrast, Chapters 11 and 13 govern the process of reorganization of a debtor in bankruptcy.) Chapter 7 is the most common form of bankruptcy in the United States.
When a troubled business is badly in debt and unable to service that debt or pay its creditors, it may file (or be forced by its creditors to file) for bankruptcy in a federal court under Chapter 7. A Chapter 7 filing means that the business ceases operations unless continued by the Chapter 7 Trustee. A Chapter 7 trustee is appointed almost immediately, with broad powers to examine the business's financial affairs. The Trustee generally liquidates all the assets and distributes the proceeds to the creditors. This may or may not mean that all employees will lose their jobs. When a very large company enters Chapter 7 bankruptcy, entire divisions of the company may be sold intact to other companies during the liquidation.
What Is Chapter 11 Bankruptcy?
RadioShack Files for Chapter 11 Bankruptcy Protection
Bankruptcy Protection: Chapters 7, 11 & 13
Sports Authority Files For Chapter 11 Bankruptcy Protection
American Apparel files for Ch. 11 bankruptcy protection
Another Women's Clothing Retailer Files For Chapter 11 Bankruptcy Protection
SunEdison Files For Chapter 11 Bankruptcy
Toshiba’s nuclear arm Westinghouse files Chapter 11 bankruptcy
Kodak Files for Ch. 11 Bankruptcy Protection
RadioShack Files for Chapter 11 Bankruptcy Protection
Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “Chapter 11” Chapter 11 is a bankruptcy filing with the SEC which is undertaken by any company which cannot pay its creditors and is therefore bankrupt. The Chapter 11 filing provides bankruptcy protection to the company and allows it to restructure itself and its assets to maximize creditor and shareholder value before the company is closed. When a company files for Chapter 11, its shares are delisted from any exchange it is currently listed on and cannot be traded. Once all assets have been liquidated, creditors are paid off and if they are paid in full, the rest of the value is split amongst shareholders. One of the most infamous Chapter 11 filings in history is that of Lehma...
Electronics retailer RadioShack Corp filed for Chapter 11 bankruptcy protection and said shareholder Standard General LP would buy 1,500 to 2,400 of its stores. RadioShack listed assets of $1.2 billion and liabilities of $1.39 billion in its bankruptcy petition in a Delaware court. The company warned in September that it could file for bankruptcy protection if talks with lenders and stakeholders about a sale or a restructuring failed. http://news.yahoo.com/radioshack-files-chapter-11-bankruptcy-protection-223335780--sector.html http://www.wochit.com
http://creditrepairnow.net/know-the-difference-between-chapter-7-chapter-11-chapter-13-bankruptcy/ If you are facing a bankruptcy, it is important to know how the law views your choices. Most people choose between either Chapter 7 and Chapter 11 bankruptcy, as Chapter 13 is for debtors who own a business, and want to file for bankruptcy without placing their business at risk. A feature of bankruptcy is an automatic stay that requires creditors to immediately stop all actions to collect a debt, take possession of collateral, enforce a lien, or collect receivables. As a caution, if you believe you are going bankrupt, it is not a good idea to max out all of your credit cards right before doing so. The court sees this as abuse and may not allow you to include those debts in your bankruptcy....
Sports Authority has filed for Chapter 11 bankruptcy protection. The retailer added on Wednesday it will close or sell 140 stores and two distribution centers. The Englewood, Colorado, company has 463 stores across 41 states and Puerto Rico.
NEW YORK (AP) -- American Apparel is filing Chapter 11 bankruptcy protection. The filing comes almost two years after the company ousted founder Dov Charney, who is locked in a legal fight and sued American Apparel for defamation. The Los Angeles company said Monday that its U.S. retail stores will continue to operate. International stores are not affected. The plan will wipe out more than 00 million in bonds held by the retailer in exchange for equity interests. Lenders will provide about 0 million in debtor-in-possession financing. American Apparel's board has approved the restructuring plan, which is expected to be completed in about six months. It still needs approvals from the bankruptcy court. Shares of American Apparel Inc. plunged more than 24 percent in Monday premarket trading. ...
Women's clothing retailer Cache has filed for Chapter 11 bankruptcy protection after running out of time and money to complete a turnaround. The New York company said Wednesday that it will keep running its business, but it also will continue to close stores and sell or renegotiate some of its leases. Cache sells dresses, sportswear and accessories and runs 218 stores, or 20 fewer than it operated in December. The retailer has secured up to $22 million in financing from Salus Capital Partners to keep operating during the bankruptcy proceeding. That financing is subject to court approval. It also will seek a so-called stalking horse buyer for its assets. That involves a potential buyer making an initial offer to set the floor for an auction that invites competitive bids. 'We believe that th...
Becoming one of the largest non-financial companies to do so in the past 10 years, U.S. solar energy company SunEdison Inc filed for Chapter 11 bankruptcy protection on Thursday. SunEdison was once the fastest-growing U.S. renewable energy developer. But the company embarked on an aggressive acquisition strategy that left it struggling with $12 billion in debt. In its bankruptcy filing, the company said that as of Sept. 30, it had assets of $20.7 billion and liabilities of $16.1 billion. Solar project developers such as SunEdison continue to benefit from robust demand. But their shares have been hit by investor concerns that demand could fall in tandem with weak oil prices. http://feeds.reuters.com/~r/reuters/topNews/~3/vr0FPm2pd7M/us-sunedison-inc-bankruptcy-idUSKCN0XI1TC http://www.wochi...
Westinghouse, nuclear power unit of Toshiba Corp, filed for Chapter 11 bankruptcy and protection from creditors as Toshiba has decided to cut its losses.
Photography icon Eastman Kodak has filed for Chapter 11 bankruptcy protection, as it seeks to boost its cash position and stay in business. (Jan. 19)
Electronics retailer files for bankruptcy, announces sale of up to 2,400 of its stores. Full Story: Electronics retailer RadioShack Corp filed for Chapter 11 bankruptcy protection Thursday and said shareholder Standard General LP would buy 1,500 to 2,400 of its stores. RadioShack listed assets of $1.2 billion and liabilities of $1.39 billion in its bankruptcy petition in a Delaware court. The company warned in September that it could file for bankruptcy protection if talks with lenders and stakeholders about a sale or a restructuring failed. RadioShack's top lenders include hedge fund Standard General LP, which is also its largest shareholder, and Salus Capital Partners. Sprint Corp said it would set up co-branded stores in up to 1,750 of the stores acquired by Standard General's Gen...
Kodak files for Chapter 11 bankruptcy protection, seeks to boost cash position and stay in business
Sports Authority has filed for Chapter 11 bankruptcy protection. The retailer added on Wednesday it will close or sell 140 stores and two distribution centers. The Englewood, Colorado, company has 463 stores across 41 states and Puerto Rico.
A longtime local plumbing, heating and cooling business filed for Chapter 11 bankruptcy protection Thursday.
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Gawker Media filed for Chapter 11 bankruptcy protection on Friday, June 10. Here is what you need to know about the network and what led to the bankruptcy.
The owners of Highmark Stadium next to Station Square have filed for Chapter 11 bankruptcy protection.
The main operating unit of troubled US casino giant Caesars Entertainment, owners of the famed Caesars Palace in Las Vegas says it is filing for Chapter 11 bankruptcy protection.
Tribute to American Airlines & American Eagle who is now in Chapter 11 Bankruptcy Protection
It was September 2008. Just two weeks earlier, investment giant Lehman Brothers had filed for Chapter 11 bankruptcy protection. The stock market was swinging wildly and other financial institutions were on the verge of collapse. The Agenda examined the ensuing chaos.
Six Flags Entertainment Corp. is the world's largest amusement park corporation based on number of properties in Mexico, the United States, and Canada, and the fifth-most popular in terms of attendance.[2] The company maintains 18 properties throughout North America consisting of theme parks, thrill parks, water parks, and family entertainment centers. In 2009, Six Flags properties hosted 23.9 million guests.[3] The company was founded in Texas and took its name from its first property, Six Flags Over Texas. The company maintains a corporate office in Midtown Manhattan, New York City and its headquarters are in Grand Prairie, Texas. On June 13, 2009, the corporation filed for Chapter 11 bankruptcy protection[4] and it successfully exited the restructuring on May 3, 2010 The name refers t...
The Camera History Of The World : KODAK Eastman Kodak Company, commonly known as Kodak, is an American technology company that concentrates on imaging products, with its historic basis on photography. The company is headquartered in Rochester, New York, United States and incorporated in New Jersey. It was founded by George Eastman in 1888. Kodak provides packaging, functional printing, graphic communications and professional services for businesses around the world. Its main business segments are Digital Printing & Enterprise and Graphics, Entertainment & Commercial Films. It is best known for photographic film products. During most of the 20th century Kodak held a dominant position in photographic film. The company's ubiquity was such that its tagline "Kodak moment" entered the common...
Six Flags Entertainment Corp. is the world's largest amusement park corporation based on number of properties in Mexico, the United States, and Canada, and the fifth-most popular in terms of attendance.[2] The company maintains 18 properties throughout North America consisting of theme parks, thrill parks, water parks, and family entertainment centers. In 2009, Six Flags properties hosted 23.9 million guests.[3] The company was founded in Texas and took its name from its first property, Six Flags Over Texas. The company maintains a corporate office in Midtown Manhattan, New York City and its headquarters are in Grand Prairie, Texas. On June 13, 2009, the corporation filed for Chapter 11 bankruptcy protection[4] and it successfully exited the restructuring on May 3, 2010 The name refers t...
Lehman Brothers Holdings Inc. (former NYSE ticker symbol LEH) /ˈliːmən/ was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth-largest investment bank in the US (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), doing business in investment banking, equity and fixed-income sales and trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking. At 1:45AM on September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the massive exodus of most of its clients, drastic losses in its stock, and devaluation of its assets by credit rating agencies. Lehman's bankruptcy filing is the largest in US history, and is thought to have played a major role in the unfolding of the l...
Fashion Film Classics playlist: https://www.youtube.com/playlist?list=PLB7D1D705DCFBA75A more at http://clothing.quickfound.net/ "Time-travel story promoting rayon lingerie." Reupload of a previously uploaded film with improved video & sound. Public domain film from the Library of Congress Prelinger Archives, slightly cropped to remove uneven edges, with the aspect ratio corrected, and one-pass brightness-contrast-color correction & mild video noise reduction applied. The soundtrack was also processed with volume normalization, noise reduction, clipping reduction, and/or equalization (the resulting sound, though not perfect, is far less noisy than the original). http://creativecommons.org/licenses/by-sa/3.0/ http://en.wikipedia.org/wiki/Burlington_Industries Burlington Industries is ...
Drexel Burnham Lambert was the investment bank most responsible for the boom in private equity during the 1980s due to its leadership in the issuance of high-yield debt. The firm was first rocked by scandal on May 12, 1986, when Dennis Levine, a Drexel managing director and investment banker, was charged with insider trading. Levine pleaded guilty to four felonies, and implicated one of his recent partners, arbitrageur Ivan Boesky. Largely based on information Boesky promised to provide about his dealings with Michael Milken, the Securities and Exchange Commission initiated an investigation of Drexel on November 17. Two days later, Rudy Giuliani, the United States Attorney for the Southern District of New York, launched his own investigation.[2] For two years, Drexel steadfastly denied an...
Six Flags Entertainment Corporation, or simply Six Flags, is the world's largest amusement park corporation based on number of properties in the United States, Canada, and Mexico, and the fifth-most popular in terms of attendance.[2] The company maintains 18 properties throughout North America consisting of theme parks, thrill parks, water parks, and family entertainment centers. In 2009, Six Flags properties hosted 23.9 million guests.[3] The company was founded in Texas and took its name from its first property Six Flags Over Texas. The company maintains a corporate office in Midtown Manhattan, New York City and its headquarters are in Grand Prairie, Texas. On June 13, 2009, the corporation filed for Chapter 11 bankruptcy protection[4] and it successfully exited the restructuring on May...
Global Crossing gained a great deal of publicity from sponsorship of NASCAR racing and the attempt to rescue a Russian submarine, but its business was struggling. By early 2001, emerging telecommunications carriers and online businesses – two groups Global Crossing had been relying on to build traffic on its network – were fading fast. Walt Disney withdrew from its money-losing site Go.com; eToys announced that it was running out of cash. Many telecom companies filed for bankruptcy that year, including Global Crossing customers Northpoint Communications Group and GST Telecommunications. Nevertheless, Casey projected continued financial growth, with a 30% growth target for 2001. In June 2001, Global Crossing completed its core network, spanning four continents, 27 countries, and 200 major ...
The book recounts the insider trading scandals involving Ivan Boesky, Michael Milken, and other Wall Street financiers in the United States during the 1980s such as Martin Siegel, Dennis Levine, Robert Freeman, Richard Wigton, Timothy Tabor, John A. Mulheren, Lowell Milken, Robert Wilkis, and others. There have been eight editions as of 2008. Intertwining the stories of financiers, bankers, lawyers, and the law enforcement officials who pursued them, Den of Thieves tells a tale of arrogance and complacency amongst the Wall Street elite. As leveraged buyouts and takeovers proliferated in the heady 1980s, information on which companies were being targeted became ever more valuable. The stock price of companies could rise enormously on rumors of a potential takeover. Those who were privy to ...
Unbound
I look away. I want to kill the day
Drink it down, don't pray
What changed to make me this way
Vice filled and still your patience is running thin
By will blood spills
Stains the bars of the cage I'm pacing in
I can't get out.
I see them playing in the garden
I'm walking in the rain
I'll dream to kiss you in the darkness
A look of love it brought me pain
Turn around don't look at me for what you believe
You might say that the end will set me free
Vice filled and still your patience is running thin
By will blood spills
Stains the bars of the cage we're pacing in
We can't get out.
So now you're playing in my darkness
I'm walking in the rain
I'll dream to kiss you in the garden
When looks of love won't bring me pain
Pain.