When a company that is going through bankruptcy proceedings is listed on the pink sheets or OTCBB, the letter "Q" is added to the end of the company's ticker symbol to differentiate it from other companies.
Filing for chapter 11 gives companies one last opportunity to be successful.
While chapter 11 can spare a company from declaring total bankruptcy, the company's bondholders and shareholders are usually in for a rough ride.
Chapter 11 is a form of bankruptcy that involves a reorganization of a debtor's business affairs, debts and assets. As the most complex of all bankruptcy cases and generally the most expensive, a company should consider Chapter 11 reorganization only after careful analysis and exploration of all other alternatives. It takes between a few months and two years to complete a Chapter 11 bankruptcy case.
bankruptcy code 11, Chapter 11 is generally filed by corporations that require time to restructure their debts, and it gives the debtor a fresh start, subject to the debtor's fulfillment of his obligations under the plan of reorganization. Corporations, partnerships and limited liability companies (LLCs) usually file Chapter 11, but in rare cases, individuals with a lot of debt, who do not qualify for Chapter 7 or 13, may qualify for Chapter 11.
Three years after the shutdown of Wabush Mines by Cliffs Natural Resources, former workers and retirees are looking to a Quebec court to help them recover some of what they lost.