Kroll Ontrack Inc., an e-discovery software and services provider to the legal industry, filed for bankruptcy protection with its parent company, Alegrity Inc., on Feb. 8 in the U.S. Bankruptcy Court for the District of Delaware. Pursuant to the filings, the companies are currently prohibited from making payments to creditors.
Chapter 11 of the Bankruptcy Code provides companies protection to reorganize. A Chapter 11 petitioner proposes a reorganization plan to operate its business over time. Most Chapter 11 filings don’t make national news and only come under the limelight when a large corporation falls into financial distress and needs bankruptcy relief. Corporations that have filed Chapter 11 include the General Motors Co. and United Airlines Inc.
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