One of the mysteries of the English language finally explained.
Protection from creditors given to a company in financial difficulties for a limited period to allow it to reorganize.
- ‘But worries about the high cost of bankruptcy have kept some companies out of Chapter 11.’
- ‘Chapter 11 is solely evidence that management made wrong investment decisions.’
- ‘A few months later, it filed for Chapter 11 and moved its base of operations to Colorado.’
- ‘Often companies wait too long to file for Chapter 11, because most managers see it as a failure.’
- ‘I suddenly realized I was about to make the same mistake that had led me into Chapter 11.’
With allusion to chapter 11 of the US bankruptcy code.
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