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05/03/2012
U.S. and State of Ohio Reach $5.5 Million Settlement for Damages from Hazardous Releases in Lower Ashtabula River and Harbor
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05/03/2012
Federal Court Shuts Down Texas Tax Return Preparer
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05/03/2012
Hyosung Corporation Executive Agrees to Plead Guilty to Obstruction of Justice for Submitting False Documents in an ATM Merger Investigation
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05/03/2012
UN highlights role of press freedom as catalyst for social and political change
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05/01/2012
President of Costa Rican Company Convicted in Half a Billion Dollar Fraud Scheme with Thousands of Victims Worldwide
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05/01/2012
Arizona Man Sentenced to Seven Years in Prison for Participating in International Child Pornography Ring
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05/01/2012
National Express and Petermann to Sell Off School Bus Contracts in Texas and Washington to Resolve Antitrust Concerns
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05/01/2012
Justice Department Reaches Settlement with Nations Largest Mortgage Insurance Provider to Resolve Allegations of Discrimination Against Women on Maternity Leave
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05/01/2012
Hitachi-LG Data Storage Inc. Executive Agrees to Plead Guilty for Participating in Bid-Rigging Conspiracies Involving Optical Disk Drives
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05/01/2012
Suspect Arrested in Robbery of US Bank Branch in Rockwood
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FAQ / Who may propose a plan of reorganization or liquidation under chapter 11?

The Bankruptcy Code provides a debtor-in-possession with exclusive rights to file a plan for 120 days from the date of the order for relief under chapter 11 and, if a plan is filed within such 120 day period, to gain acceptances of the plan from each class of claims or interests entitled to vote thereon within 180 days from the date of such order for relief. Other parties-in-interest such as a creditor, a creditors’ committee or an equity security holders’ committee may file a plan only if a trustee has been appointed in the case or the debtor has not filed or gained acceptances of a plan before the expiration of the 120/180 day exclusivity periods. However, on the request of a party-in-interest made within the respective exclusivity periods, the court may reduce or increase the 120/180 day exclusivity periods, provided, however, that the 120 day period may not be extended beyond a date that is 18 months after the date of the order for relief under chapter 11, and the 180 day period may not be extended beyond a date that is 20 months after the date of such order for relief.

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