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Find a recent story about a company or famous individual filing for bankruptcy. Provide detail on...

Find a recent story about a company or famous individual filing for bankruptcy. Provide detail on which chapter the entity is using for its filing.


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Answer #1

The company I have selected is GYMBOREE

-It has filed for SECOND bankruptcy on January 16 2019.
-It has opted for Chapter 11 Bankruptcy
-Their objective is to shed their unsuccessful brands.
-It is looking to sell its Janie and Jack business.

Chapter 11 Bankruptcy

Chapter 11 is a form of Bankruptcy where REORGANIZATION of debts is involved. It is generally used to borrow some time to RESTRUCTURE the debts. The biggest cons of this form is that it is very complicated and complications are very expensive.

The biggest advantage of this chapter is that the organization is running and operating. The business remains afloat.

As per a press release by GYMBOREE, the company stated that it had received a commitment for a debtor in possession in the form of financing provided by SSIG and Goldman Sachs Specialty Lending Holdings. The funds received from this financing can help the company stay afloat. This is how they are going to restructure their debt.

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