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Chapter 11

Chapter 11 allows the existing management to reorganize the debtor as a going concern, while Chapter 7 anticipates that a court-appointed trustee will supervise the liquidation of the debtor’s assets. Both management and creditors tend to prefer Chapter 11. Management would prefer Chapter 11 because it allows them to keep their jobs and at times allows them to extract premium wages based on the theory that they must be provided extra incentives to remain in a higher risk business. Creditors generally prefer Chapter 11 because they expect that the assets will be worth more as a going concern than if sold in a fire-sale auction.

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