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What does it mean to voluntarily file for Chapter 11?

A voluntary Chapter 11 filing -- such as ours -- is an action taken by a U.S. company to resolve financial challenges, such as lack of liquidity or excessive debt, in order to maximize the value of the "Estate" (the company's assets and operations) for the benefit of all of it's creditors. During the Chapter 11 process, a company is able to continue to conduct business while reorganizing its finances and operations in order to meet the claims of those to whom it owes money. This is accomplished in part through a legal mechanism known as the "automatic stay," which stops creditors from taking action to collect monies or property they are owed.

A company in Chapter 11 continues to provide employees with salaries and medical benefits. It is also able to continue to do business with suppliers and customers in a routine manner. A company exits Chapter 11 when the court has approved a Chapter 11 plan and the transactions and payments proposed in the plan are consummated. The plan is usually developed by the company in conjunction with its creditors.



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