Chapter 11 bankruptcy
- A bankruptcy classification enabling businesses to restructure their debts and continue operating
- Facing financial difficulties, the company filed for Chapter 11 bankruptcy to protect itself while it restructured its debts.
- Chapter 11 bankruptcy is not an end, but a means to salvage a business's future through reorganization.
- To avoid liquidation, the company opted for Chapter 11 bankruptcy, allowing it to restructure its financial obligations.