Bankruptcy Information





What Every Investor Should Know Corporate Bankruptcy What happens when a public company files for protection under the federal bankruptcy laws? Who protects the interests of investors? Do the old securities have any value when and if the company is reorganized? We hope this information answers these and other frequently asked questions about the lengthy and sometimes uncertain bankruptcy process What Happens to the Company? How Are Assets Divided in Bankruptcy? Secured Creditors often a bank is paid first Unsecured Creditors such as banks suppliers and bondholders have the next claim Stockholders owners of the company have the last claim on assets and may not receive anything if the Secured and Unsecured Creditors' claims are not fully repaid Federal bankruptcy laws govern how companies go out of business or recover from crippling debt A bankrupt company the debtor might use Chapter of the Bankruptcy Code to reorganize its business and try to become profitable again Management continues to run the day to day business operations but all significant business decisions must be approved by a bankruptcy court Under Chapter the company stops all operations and goes completely out of business A trustee is appointed to liquidate the company's assets

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Washington D C s Phone s Fax s www uscourts gov NEWS RELEASE Administrative Office of the U S Courts May Contact Karen Redmond Bankruptcy Filings Continue to Increase Records Broken for Total Filings and Non Business Filings The number of bankruptcy petitions filed in federal courts rose percent in the month period ending March according to statistics released today by the Administra tive Office of the U S Courts Bankruptcy filings rose from in the month period ending March to in the same month time period in The number of filings continues to break records The previous highest total of filings for any month period was in the month period ending December with a total of Total bankruptcy filings first broke the million mark in the month period ending March Business filings in March to taled down percent from the business filings in the month period ending March Non busi ness filings totaled up percent from the total non business filings of in the month period ending March This also is a record num ber of non business filings for any month period Filings per authorized judgeship have risen from filings per judgeship in March to in March



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