pre-packaged bankruptcy
(finance, banking) A filing for bankruptcy by submitting to the court a virtually complete plan designed to avoid a protracted court-guided period of reorganization and debt restructuring.
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(finance, banking) A filing for bankruptcy by submitting to the court a virtually complete plan designed to avoid a protracted court-guided period of reorganization and debt restructuring.
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(transitive) To force into bankruptcy.
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(US, finance, law) A type of bankruptcy code that governs the process of liquidation under the bankruptcy laws of the United States, conferring protection from creditors.
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(finance, of a person, company, etc.) In a condition of bankruptcy; unable to pay outstanding debts or meet financial obligations; specifically, having been legally declared insolvent.
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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.
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(finance, US) To file for Chapter 11 bankruptcy.