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Chapter 11 bankruptcy might be a the best thing for a critical company like Westinghouse. Unlike Chapter 7 the operations continue but the entity gets debt reli
by erikig 10y ago
Chapter 11 bankruptcy might be a the best thing for a critical company like Westinghouse. Unlike Chapter 7 the operations continue but the entity gets debt relief.
"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." [1]
[1] https://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code https://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_S...
- greglindahl 10y agoI'm sure you read the article, which indicated that Chapter 11 is what's being used. In the US, companies always go for Chapter 11 if it looks like it's going to work, i.e. that there's a viable business in there somewhere. In Westinghouse's case, the viable business is everything other than their civilian reactor construction business.