Join Date: Aug 2009
Location: Washington, the state
Bankruptcy is a way to abrogate contracts. Otherwise, they'd have to buy out all the contracts they have with dealerships, warehouses, transporters, etc.
Chapter 11 bankruptcy is a way for a company to reorganize their business and their contracts and debt to remain an ongoing business. Chapter 7 is liquidation.
[I]"Older people who are reasonable, good-tempered, and gracious will bear aging well. Those who are mean-spirited and irritable will be unhappy at every period of their lives.
"Let each of use properly whatever strengths he has and strive to use them well. If he does this, he will never find himself lacking."[/I]
Marcus Tullius Cicero