Chapter 11 bankruptcy is also known as a reorganization bankruptcy. This is because companies enter Chapter 11 with the goal of shedding overly restrictive obligations, restructuring their debt and emerging as a stronger and healthier business. The Chapter 11 process requires that companies come up with a realistic reorganization plan. A restructuring plan must be approved before a company can move forward with reorganization. Chapter 11 plans will only be approved if they meet all relevant legal requirements. One of the most often contested requirements is the provision that demands the equal treatment of creditors. An experienced Chapter 11 lawyer can help your company craft an effective reorganization plan that meets this legal requirement along with all others.
According to reporting from Reuters, Warren Resources, an oil and gas company, recently filed for Chapter 11 bankruptcy protection. The company, which operates heavily in California, has been hit hard by the steep decline in energy prices. Court filings indicate that Warren Resources currently has approximately $230 million in assets and $545 million in liabilities on their books. Chapter 11 bankruptcy protection will give the company an opportunity to restructure those obligations. If you think your business might need Chapter 11 reorganization, please contact an experienced California Chapter 11 bankruptcy attorney for immediate legal assistance.
Chapter 11 bankruptcy is to designed to help companies reorganize their obligations so that they can emerge stronger and healthier. If a business is going to keep operating after going through bankruptcy, then it is critical that the company is able to keep important talent. If too many key employees leave during the restructuring process, the company will have a much harder time going forward. The entire purpose of reorganizing may be undermined. An experienced San Jose business bankruptcy attorney can help your company devise strategies to retain important executives.
The Silicon Valley Business Journal recently reported that Sports Authority has filed for Chapter 11 bankruptcy. The company announced their plans to close almost one third of the stores across the country. According to the plan, over a dozen stores will be closing in California, but all of the Bay Area locations will remain open. Chapter 11 bankruptcy protection gives a business an opportunity to reorganize and emerge stronger and healthier. If you think reorganization might make sense for your company, please contact an experienced San Jose Chapter 11 bankruptcy lawyer to learn more.
An executory contract is simply a contract that has yet to be fulfilled by either party. In other words, both parties to the contract will still have remaining performance obligations. Executory contracts can play a significant role in a business bankruptcy case. If you have any questions or concerns about how an executory contract might impact a bankruptcy case, contact an experienced San Jose business bankruptcy attorney to learn more.
Many business owners whose businesses have gotten into financial trouble wonder if they can be held personally liable for the debts incurred by their business. In addition, they are often concerned that filing for a business bankruptcy will affect their personal finances. Whether a business owner will be held liable or affected by a business bankruptcy depends on a number of factors, some of which are discussed below.
Chapter 11 bankruptcy is a type of reorganization bankruptcy that is available to both individuals and business entities, although it is predominantly utilized by businesses. It is important to understand some of the ways that businesses can benefit for filing for Chapter 11 bankruptcy protections. For more information or for answers to specific questions regarding your case, call our office today to speak with a San Jose bankruptcy attorney.
Many business owners that have fallen behind on their financial obligations are concerned as to whether they will be able to file for bankruptcy and keep their business. The answer to this question depends on a variety of factors, including the way in which your business is organized and whether you are personally liable for business debts. The good news for business owners is that, in many instances, they will be able to file for some type of bankruptcy and keep operating their business. If you are considering business bankruptcy, it is important to understand what types of bankruptcy may be available to you.