Chapter 11 affords LBHI a number of mechanism to restructure its business. They can acquire financing and loans on favorable terms by giving new lenders first priority on the business's earnings. The court may also permit them to reject and cancel contracts. They are also protected from other litigation against the business through the imposition of an automatic stay.
If LBHI is insolvent, cannot pay the debts, LBHI rights and interests will be ended in the restructuring and LBHI creditors, such as the CTs, ECAP, will have the ownership of the newly reorganized company. Here, with the huge NOL, the CTs, ECAPs, and OBS will have the ownership of the newly reorganized company. The Court, Not JOE STOCK, is ultimately responsible for determining whether the reorganization complies with the bankruptcy law.
This Chapter 11 results the reorganization of LBHI business, assets and debts.
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