voluntary bankruptcy


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voluntary bankruptcy

n. the filing for bankruptcy by a debtor who believes he/she/it cannot pay bills and has more debts than assets. Voluntary bankruptcy differs from "involuntary bankruptcy" filed by creditors owed money to bring the debtor before the bankruptcy court. (See: bankruptcy)

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The voluntary bankruptcy petitions result from protracted litigation at the EMAK corporate level and an interim award from the Chancery Court of Delaware against EMAK for which it was not permitted to immediately appeal.
According to court documents filed today in the Texas Rangers voluntary bankruptcy case, the club is is in danger of seeing gross income lower this year than last, and may not meet last year's totals, an increase from 2008.
Customer Gift Cards and Promotions Shall Continue To Be Honored ~ ~ Sale of Assets Is Predicated on Voluntary Bankruptcy Filing ~
Scandal-hit Meat Hope files for voluntary bankruptcy
CIT is also soliciting most bondholders and other holders of CIT debt to approve a prepackaged plan of reorganization so that the Company has the option to proceed with a voluntary bankruptcy filing.
Bankruptcy judge's ruling saying creditors had veto power over a "prepackaged plan" that would exit the Texas Rangers from voluntary bankruptcy may not be as detrimental as initially believed.
On March 13, 2009, the company filed a Form 12b-25 with the Securities and Exchange Commission explaining that the company was unable to timely file its Annual Report on Form 10-K because it had not yet completed its financial reporting process as a result of the increased burdens placed upon the company's financial, accounting and administrative staff in preparation for and in connection with the voluntary bankruptcy filings made by the company and its domestic subsidiaries in the U.
Market officials said they wanted additional information about the voluntary bankruptcy filing by Strouds before allowing the stock to resume trading.
Through this voluntary bankruptcy process, we can continue to operate our business and pursue an orderly transition to SPP with minimal impact on our customers and employees.
The bankruptcy judge in the voluntary bankruptcy case of the Texas Rangers may have dealt a blow to the prospective ownership group led by Chuck Greenberg and Nolan Ryan by ruling that secured creditors of the Texas Rangers are "impaired" and therefore are allowed to vote whether to accept or reject a "prepackaged plan" designed by the Rangers to exit the club from Chapter 11 bankruptcy and complete the sale.
The action follows Friday's announcement by Hartmarx that it had filed voluntary bankruptcy petitions under Chapter 11 of the U.

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