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File for Chapter 11 Options
Aventador LP700-4
Posted: Wednesday, October 04, 2017 7:54:55 AM
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What does the phrase " filed for Chapter 11 " mean in this context?


Aura Systems ran into financial troubles in 2000, and filed for Chapter 11 in 2005.


Source:
http://www.carbibles.com/suspension_bible_pg3.html

Does it mean that the company bankrupted?
Kirill Vorobyov
Posted: Wednesday, October 04, 2017 8:14:16 AM

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Location: Moscow, Moscow, Russia
filed for protection under Chapter 11 of the US Bankruptcy Code:
https://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code
Aventador LP700-4
Posted: Wednesday, October 04, 2017 8:17:35 AM
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Joined: 2/13/2017
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What is meant by " filed for " ?

Does it mean that the company requested for help to avoid bankruptcy according to the Law of Chapter 11?
Kirill Vorobyov
Posted: Wednesday, October 04, 2017 8:29:55 AM

Rank: Advanced Member

Joined: 10/4/2016
Posts: 287
Neurons: 1,521
Location: Moscow, Moscow, Russia
You need to read the law to find out the specifics of what it actually means.

In most general terms it means they requested that a procedure be initiated in respect of their company pursuant to provisions of Chapter 11 of the bankruptcy code. I understand it differs from the "standard" bankruptcy procedure as it gives a company facing financial difficulties some protection against claims from creditors. But again the specifics is in the Code.

The "filing" itself, if that's your question, usually means submitting a formal request / set of documents as required by the law (e.g. to file a legal suit, etc).
taurine
Posted: Wednesday, October 04, 2017 9:34:04 AM

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electromagnetic actuators?

What is that?
pjharvey
Posted: Wednesday, October 04, 2017 10:16:19 AM
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Joined: 4/13/2012
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taurine wrote:
electromagnetic actuators?

What is that?


Wikipedia quote:
"Electromagnetic Actuator. Actuators (also called as power transducers) are electrical devices that transform input energy (control variable) to output mechanical work (acting variable). ... The principle of transformation in these actuators is based on force interaction in a magnetic field."
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