In Bankruptcy In The News, Blog, Chapter 11 Bankruptcy

According to the company, it is “optimistic” that the bankruptcy court will finally approve its reorganization plan in the first quarter of next year.

Allegedly, the company has worked hard to reduce claims on the estate from its creditors and disagreements between its creditors are “narrowing”.  Two years ago, the organization filed for Chapter 11 and still the case remains officially unsettled.  However, the company has made progress in reducing claims from $1.2 trillion to $464 billion during the bankruptcy process.

The company told news sources that it will continue to reduce operational costs and will cut its workforce to 500 people by April 11th.

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