I’m pretty sure the place I work for has done this and I want to know what this means for the company (besides the increase in phone calls from unpaid vendors)
A chapter 11 filing is usually an attempt to stay in business while a bankruptcy court supervises the "reorganization" of the company’s contractual and debt obligations. 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…
the court is basically in control and decides how long to keep trying to make a come back or just pack it all up and close the doors.
