Re:Alamo Drafthouse Files for Bankruptcy
by acchow on Wednesday March 03, 2021 @02:04PM
(#26332881)
Which other countries have an equivalent to Chapter 11?
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Re:Alamo Drafthouse Files for Bankruptcy
by momothereal on Wednesday March 03, 2021 @04:21PM
(#26334751)
In Canada, there are 2 functional equivalents. A Division I Proposal [1] is a means for individuals and businesses to resolve "unmanageable debt", with no minimum amount. For large corporations with >$5Mil in debt, the CCAA federal law is more advantageous [2].
[1] https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02052.html
[2] https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02284.html
Re:Alamo Drafthouse Files for Bankruptcy
by pfortuny on Wednesday March 03, 2021 @02:22PM
(#26333100)
Probably many. It is a standard way to re-structur the debt of something which might be a viable business in non-terrible circumstances.
Spain: “concurso de acreedores”. The business asks the Government for a way to have lenders (acreedores) restructure/redimension the debt.
This way workers can still have job in the future, assets keep their operating value...
Nothing like that in the UK afaik. In 2008 Lehman’s had their London office locked and everything frozen on the morning of the bankruptcy. The New York office was afaik still open under chapter 11.