Bankruptcy Petition

Bankruptcy Petition

1. A formal request by an individual or a business to a bankruptcy court to declare bankruptcy and to discharge or restructure debts (after repayment is made insofar as possible).

2. A formal request by an individual or a business' creditors to a bankruptcy court to declare bankruptcy and to require repayment or restructuring of debts. Some businesses and individuals (such as fishermen in Canada) are exempt from this type of forced bankruptcy.
References in periodicals archive ?
Although MIRMA joined in the bankruptcy petition, the MIRMA lease pass-through certificates benefit from structural features such as a strong collateral package relative to the amount of secured debt and a six month debt service reserve.
Also, pursuant to the Memorandum of Understanding and certain agreements that it contemplates, MBO will be transferred to a receiving agent as soon as possible following the meeting; MBO will consent to a pending involuntary bankruptcy petition as soon as possible following the transfer; management for MBO will be appointed as soon as possible following the transfer; the principal and interest payments on the sinking fund bonds will not be made as due on Feb.
CRD is reviewing its alternatives, including filing of a bankruptcy petition.
Bayou Steel Corporation (AMEX:BYX) announced today that it received a notice from the American Stock Exchange ("Amex" or the "Exchange") that the Company no longer complies with Sections 1003(a)(iv) and Section 1003(d) of the Exchange's continued listing standards due to the Company's bankruptcy petition and the filing of Form 10-Qs without the independent auditors' review for the periods ended December 31, 2002, March 31, 2003, and June 30, 2003.
The filing of the bankruptcy petition results in an automatic "stay," which prevents any additional acts by the IRS against the debtor to collect a claim.
If a "short-year" election is made, the first tax year ends on the day before the bankruptcy petition is filed.
11 to deny a bankruptcy petition filed by two refuse disposal districts representing the New Hampshire/Vermont Solid Waste Management Project.
If the requisite acceptances are obtained, the Company is authorized to file a Chapter 11 bankruptcy petition with the United States Bankruptcy Court.
As a result of Mirant's bankruptcy petition filing in July 2003 and subsequent threats by the debtor-in-possession to reject the existing TPAs, PEPCO and Mirant recently renegotiated the terms of the agreements.
3 /PRNewswire/ -- In response to the pending Involuntary Bankruptcy Petition filed against APL Corporation on June 25, 1993, the company on July 23, 1993 filed a motion in the bankruptcy court for the Southern District of Florida and obtained an order on July 27, 1993 converting the pending Involuntary Petition to a voluntary case under Chapter 11 of the Bankruptcy Code.
MIAMI, July 13 /PRNewswire/ -- APL Corporation announced that it intended to respond to the pending Involuntary Bankruptcy Petition filed against the company on June 25, 1993, in the Bankruptcy Court for the Southern District of Florida, by consenting to the bankruptcy and voluntarily converting the case to a Chapter 11 case.
The bankruptcy petition was a "termination event" under the terms of the Corporate Units, and investors are no longer committed to convert the Corporate Units into equity.