QUOTE(virtualgay @ Jun 1 2009, 01:12 AM)
It's easy to google the relevant facts about US bankruptcy laws. So you may care to do that if you're particularly interested. Chrylser's recent bankruptcy filing is a good place to start if you're interested in the US auto industry. It's currently being seen in the US as rather a successful development for that company.But Chapter 11 bankruptcy mainly protects a company from its creditors under the supervision of a bankruptcy judge and enables the company to rapidly re-structure assets and liabilities (debt). The intention is to allow the company to survive and keep trading.
it does not mean the factories being closed down and tens of thousands of workers being laid off at the stroke of midnight on June 1st.
Jun 1 2009, 01:22 AM

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