The gorgeous $3.5 billion paradisiacal mega resort Baha Mar is in the news again. Since its construction initiated, there are travelers waiting for it to start. However, it seems this is not going to take place for some more time. It is because the mega resort has filed for Bankruptcy chapter 11 pertaining to the delay witnessed in its development.
For those of you unaware of the same, the Chapter 11 bankruptcy is filed in order to aid reorganization of businesses.
The following steps are pursued for the process as governed by the US laws:-

  1. The debtor or the creditor of an organization may file the Chapter 11 bankruptcy.
  2. As soon as the filing is pursued a stay is put in all the collections. This implies that the creditors cannot ask for paying the debt until there is any sort of modification in the process.
  3. The business, however, continues its affairs without any turbulence.
  4. The repayment amount is definitely lower than the original total debts.
  5. During the case, it is apt for the debtor to review the claims proposed by the creditor and object wherever feasible.
  6. If the reorganization plan is feasible the court confirms it. Once the confirmation is positive, the debts which existed before the confirmation date are discharged.
  7. And it is now, that the debtor will have to pay the creditor in accordance with the new reorganization plan.
  8. If the debtor is unable to propose a plan, the creditor can come up with the same.

 

Related Posts
How to deal with your business debts
Around 90 percent of businesses fail before they even reach ten years. And in this challenging economy, it would be normal if your business would dwindle down to failure. This ...
READ MORE
Chapter 11 protection in favor of Molycorp Inc.
If a company or an organization is unable to repay its creditors or keep its business alive, the debtor under the norms and rules can file for the Chapter 11 ...
READ MORE
Baha Mar Resort Enters Bankruptcy
Chapter 11 bankruptcy has been witnessed to provide an organization a relief from the heavy debts. Hence, it was not a surprise that the mega resort Baha Mar which was ...
READ MORE
Filing For Bankruptcy Due To Financial Difficulties
Should you file bankruptcy or not ? Send your case to bankruptcy lawyers for free consultation, Our online pool of lawyers helped many ( look below ) and help you ...
READ MORE
Stockton chapter 9 Bankruptcy
Just like the organization, companies and individual can declare themselves bankrupt, so does a municipality can. The basic difference lies in the chapter, which will be filed to handle the ...
READ MORE
Declaring bankruptcy
Declaring bankruptcy is one of the many options a debtor can perform when he can no longer meet the terms of his financial obligations to his creditors. In the United ...
READ MORE
How to file for Bankruptcy ?
If you are one of such victim facing huge debt, and searching information desperately for the processes of "How to file for bankruptcy ? ", you are about to find ...
READ MORE
Need To File Bankruptcy
Chapter 7 bankruptcy can be filed easily depending upon your case. Also charges to file your case can go from free to higher again depending up the case. You can ...
READ MORE
Student loan defensible? some facts
Education is the paradigm for success. Students go for higher education in order to replenish their monetary requirements, for their safe future and a sound life. But, when you witness ...
READ MORE
The Examiners: Linking Repeated Chapter 11 Filings Can
How to deal with your business debts
Chapter 11 protection in favor of Molycorp Inc.
Baha Mar Resort Enters Bankruptcy
Filing For Bankruptcy Due To Financial Difficulties
Stockton chapter 9 Bankruptcy
Declaring Bankruptcy
How to file for Bankruptcy ?
Need To File Bankruptcy
Student loan defensible? some facts