Carl Icahn

June 3, 2012 - 1:50am

But this doesn’t mean the company will close down, fire all its employees and have a big, yard-sale type auction of all its possessions. Far from it. Chapter 11 is a useful process for companies in financial difficulties, in that it gives them protection from creditors while they seek ways to get things back to a reasonably normal state. And that recovery process can take several months, during which time the company’s management remains in exclusive control to take whatever actions it wishes before requesting its emergence from Chapter 11.

 
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