Great point: In US bankruptcy law, "Chapter 7" is liquidation, and "Chapter 11" is re-org. Often, a well-managed Chapter 11 bankruptcy can allow a company to r

Great point: In US bankruptcy law, "Chapter 7" is liquidation, and "Chapter 11" is re-org. Often, a well-managed Chapter 11 bankruptcy can allow a company to reduce debt burden and emerge as a stronger company, saving many jobs in the process. Chapter 11 bankruptcy is common in the US airline industry.