Rhythm and Hues (Chapter 11 Bankruptcy)

[Rodney]

Another one bites the dust...

 

http://www.deadline.com/2013/02/oscar-nomi...ing-bankruptcy/

 

Is that where Teresa Nord was working?

[John Bigboote]

That was Teresa's goal, don't know if she made it. I shared that on FB... wow! Can't believe it!

[KJ'd Beast]

It's no big deal. It's not Chapter 7

 

Chapter 7 Business and Corporation Bankruptcy

 

 

 

Chapter 7 business and corporation bankruptcy typically causes a business to cease all operations, depending on the amount of and type of debt and the advisement of the bankruptcy trustee. For example, a company could be closed or it could be sold to another investor if approved by the bankruptcy trustee. Furthermore, in a Chapter 7 filing, corporations and partnerships do not receive a discharge; instead, the corporation or partnership is dissolved. As in the case of an individual filing Chapter 7, however, most debts, depending on their nature, are discharged.

 

 

Chapter 11 Personal Bankruptcy & Business and Corporation Bankruptcy

 

 

 

Chapter 11 bankruptcy is available to both individuals and all types of corporations, businesses and partnerships. Instead of discharged debt like the Chapter 7 bankruptcy plan, Chapter 11 is a restructuring of existing debts. Moreover, a corporation, business or partnership remains in complete control of its assets, whereas in Chapter 7 business divisions are either closed or sold.

 

 

Chapter 13

 

 

 

Unlike Chapter 7 and 11, Chapter 13 bankruptcy exists mainly for individuals and is the rarest form of bankruptcy filed. In fact, it is nearly the opposite of chapter 7 bankruptcy. For example, in a Chapter 13, instead of an individual's non-secured debts being discharged, the individual presents a plan to repay the debt within a period of three to five years.

[Rodney]

It's no big deal. It's not Chapter 7

 

I imagine its a big deal to those artists/animators who are sent packing.

From a corporate perspective it's primarily a way to shed responsibility, especially to creditors.

[Wildsided]

its really sad that a company that's winning awards for what it does has to file for any kind of bankruptcy.

[largento]

I remember reading somewhere that Teresa had gone back to Blue Sky, along with her husband, so I think they're unaffected

[Roger]

Wow - guess things must be bad everywhere. Weren't they the guys that did the Coca Cola polar bears?

[robcat2075]

They also have the dubious distinction of being the only studio ever to ask me to interview with them.

[Roger]

Well, you're doing better than me. I think I will probably never work in the field.