An American financial idiom meaning to file for Chapter 11 bankruptcy protection — the form of US bankruptcy law that allows businesses to restructure their debts while continuing operations, rather than liquidating entirely. Used in business journalism and financial conversations as shorthand for the restructuring process.
The airline was rumoured to be about to go Chapter 11 unless a buyer emerged.
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Regional slang from around the English-speaking world — British, Australian, Irish, Caribbean, Nigerian, Filipino, AAVE, and the hyphenated-English dialects that make the internet sound local.
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(finance, US) To file for Chapter 11 bankruptcy.
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