Chapter 11 bankruptcy

A provision of the U.S. bankruptcy law which enables a failing firm to apply to the courts for protection against all creditors while it is reorganized to pay its debts . This provision enables a firm to avoid being closed down by any single creditor and gives investors a chance to decide whether the firm can again be made profitable. At the same time, it gives dishonest management the opportunity to loot the firm's assets while the case is before the courts.

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Forever 21’s U.S. operating company filed for Chapter 11 bankruptcy over the weekend and will seek to sell all or some of its assets, according to court documents.

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South San Francisco-based genetic testing venture 23andMe saw its shares plunge more than 50% Monday after the company announced it had filed for Chapter 11 bankruptcy protection.

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On Sunday it announced that it has filed for Chapter 11 bankruptcy protection, with plans to find a buyer.

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The company also fell victim to internal squabbles, all of which led to the chief executive’s resignation and a Chapter 11 bankruptcy filing on Sunday.

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Earlier this week, 23andMe announced it would be filing for Chapter 11 bankruptcy proceedings, which would involve the sale of those consumers’ most sensitive biological data to the highest bidder.

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Chapter 11 chapter 7

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