the statute regarding the reorganization of a failing business empowering a court to allow the debtors to remain in control of the business to attempt to save it
they are in chapter 11
Word origin
C20: from chapter 11 of the Bankruptcy Reform Act (1978)
chapter 11 in American English
chapter XI
US
a proceeding under the Federal Bankruptcy Act whereby a company or corporation may, through a court order, remain in business for a time as long as it pays currentdebts, but must eventually reorganize and pay its creditors or cease operations