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Chrysler Chapter 11 reorganization was the petition for bankruptcy on April 30, 2009 of Chrysler car company and 24 of its affiliated subsidiaries with the federal bankruptcy court in New York. [ 1][ 2] The court filing occurred upon failure of the company to come to an agreement with its creditors for an outside-of-bankruptcy restructuring ...
Motors Liquidation Company ( MLC ), formerly General Motors Corporation, was the company left to settle past liability claims from Chapter 11 reorganization of American car manufacturer General Motors. It exited bankruptcy on March 31, 2011, only to be carved into four trusts; the first to settle the claims of unsecured creditors, the second to ...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as 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. [1]
General Motors Chapter 11 reorganization. The 2009 General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through Chapter 11, Title 11, United States Code in the United States bankruptcy court for the Southern District of New York. The United States government-endorsed ...
A year ago, the wife and I decided it was time for our expanding family to trade a mid-size SUV for the spacious expanses of a minivan. After doing quite a bit of research, we finally found the ...
On November 19, 2008, there was a United States Senate hearing on the automotive crisis in the presence of the heads of Chrysler, Ford and General Motors. The auto manufacturers explained that they would need financial aid of $25 billion if they were to avoid bankruptcy. The Senate was divided on the issue.
Simply put, Chapter 11 is named for the section of the U.S. bankruptcy code that allows a company to seek protection from creditors while it keeps operating. This way, the company can continue to ...
Plastech Engineered Products. Plastech Engineered Products was a tier-1 automobile supplier headquartered in Dearborn, Michigan. It was long the largest woman-owned company in the state of Michigan. [ 1] Plastech started in 1988 with the purchase of a single injection molding facility in Caro, Michigan. The company subsequently grew rapidly ...