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Under Chapter 11, the company's management still oversees daily operations, but must submit more major decisions to the bankruptcy court for approval. While a company is in Chapter 11, its stock may still have some value, but its price will likely have fallen dramatically and will have stopped paying dividends.

This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.

During a Chapter 11 proceeding, the court will help a business restructure its debts and obligations. In most cases, the company remains open and operating. Many large U.S. companies have filed for Chapter 11 bankruptcy at one time or another to stay afloat.

While the average length of a Chapter 11 Bankruptcy case can last 17 months, larger and more complex cases can take up to five years. And following the conclusion of the bankruptcy case, it can still take months for Debtors to begin distributing payouts to the highest priority class of Creditors.

In a Chapter 11 bankruptcy or ?reorganization,? the employer remains in business and tries to reorganize and emerge from bankruptcy as a financially sound company. Many employees may remain at work and continue to be paid and receive benefits. However, some may be laid off.

Bankruptcy Court records are public and are available for online viewing at no cost in the Clerk's Offices in Duluth, Minneapolis and St. Paul. For more detailed information, see Access to Court Records.