I agree . . . a Chapter 11 filing seems more likely.
Again, I am unfamiliar with all of the rules for a Chapter 11
filing, but my understanding is that the debtor may emerge from Chapter 11 proceedings by proposing a reorganization plan, which must be confirmed by the bankruptcy court. But to be confirmed, must not the debtor's plan be approved by a vote of the creditors? If that is true, the creditors would include NEXIM, UPS (Export-Import Bank), the holders of any outstanding judgments against Xechem, Dr. Pandey, etc. Is it reasonable to expect these creditors to give the Xechem (i.e., Basu/Swift) a sweetheart deal?
Again, if Chapter 11 were a viable alternative, why wouldn't Xechem (i.e., Swift) have filed by now? I.e., why keep paying the attorneys to pursue the various pending lawsuits, when filing for Chapter 11 results in an automatic stay of those proceedings.
It seems that what we have here is a valuable asset -- Nicosan -- shrouded in chaos, controversy and, perhaps, incompetence.
