25 May
2006
25 May
'06
11:20
On Thursday 25 May 2006 07:04 am, Carlos E. R. wrote:
The Wednesday 2006-05-24 at 13:13 -0300, Alvaro Kuolas wrote:
SGI filled for Chapter 11 bankruptcy protection
I was told by a friend in SGI that #11 is not bankruptcy, that's #7. It only means that the company is going to change its business model.
Both of the above statements are correct. #11 is bankruptcy and provides protection from debts while a company attempta a recovery such as finding new sources of financing, reorganize etc. A judge must approve any plan for recovery. #7 is bankruptcy with no attempts being made to recover from it.