Chapter 11 Bankruptcy Protection (C/N)

Disambaguation Links – Chapter 11 Bankruptcy Protection (S/F)

In business, the term ‘Chapter 11′ is used to describe a form of corporate bankruptcy protection whereby the owners of a failing company are still responsible for the day-to-day running of it but must seek approval from a bankruptcy court if any important decisions that could potentially affect the future of the corporation are made. The company usually attempts to start making a profit again with a business plan and repay creditors, and if it cannot then the company will be closed down, with all assets used to pay back the lenders. International Genetics Technologies filed for Chapter 11 bankruptcy protection on October 5th, 1989 in the San Francisco Supreme Court due to financial losses brought on by the Isla Nublar Incident, and in The Lost World the CEO of BioSyn, Jeff Rossiter, mentioned how Dr. Lewis Dodgson once suggested they buy InGen while it was filing for Chapter 11 during a meeting with him. However, the company was unable to purchase InGen due to the Japanese investors’ unwillingness to sell it.