A section of the US bankruptcy code that details procedures allowing companies to reorganise their businesses when faced with crippling debt. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court.
A US term. Everything's gone wrong - the company has massive debts and the game is lost. However, someone calls 'time out' and the world seems to change - creditors have to wait while sensible people seek real solutions. In the middle of the madness, it's a US bankruptcy code section that allows constructive time to try to resolve impossible financial problems.