Top NY bankruptcy judge says Chapter 11 still works

Newswire

By Phil Wahba NEW YORK, March 31 (Reuters) - The top federal bankruptcy judge in New York on Tuesday defended Chapter 11 bankruptcy protection as a means for companies to preserve jobs and shed money-losing units in an orderly manner. After bankruptcy code reforms in 2005, fewer companies have exited Chapter 11 bankruptcy protection. Some critics in the legal profession have argued that Chapter 11 is no longer as useful a tool to reform companies. But in comments at Fordham University ...

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