debtor in possession

Definition of "debtor in possession"
  1. A business that maintains operations while undergoing a Chapter 11 bankruptcy procedure
How to use "debtor in possession" in a sentence
  1. The retail store remained a debtor in possession, despite filing for bankruptcy.
  2. As a debtor in possession, the manufacturing company kept its doors open during their financial crisis.
  3. Filing for Chapter 11 bankruptcy allowed the restaurant to carry on as a debtor in possession.

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