Green Planet Group Inc (GNPG)

[overtheedge]

Chapter 11 does not "clear out" any debt short term. What it does is get the creditors off your back, then they set up a payment schedule over a longer period of time which takes some of the burden off the company. Once all the payments are made then the debt is satisfied. Chapter 7 on the other hand will "clear out" your debt right away but you don't get to keep your assets. Hope this helps.