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Ch. 11 law big change for biz; Shorter dealines, bonus rules are cited.(News)(bankruptcy law )
Crain's Detroit Business, April, 2006 by Henderson, Tom
Byline: Tom Henderson Consumer provisions in a new bankruptcy law that took effect in October received the most public attention, but the changes "were extremely significant for businesses,'' said Jonathan Carson, president and co-founder of Kurtzman Carson Consultants L.L.C., a Los Angeles-based corporate restructuring and consulting firm that includes Delphi Corp.
and Collins & Aikman Corp. as clients. Lisa Gretchko, bankruptcy and creditors' rights attorney for Bloomfield Hills-based Howard & Howard Attorneys P.C., and Carson said some of the changes that businesses who are considering filing for Chapter 11 should consider include: * Businesses used to be able to extend deadlines for filing reorganization plans almost indefinitely. Now, the initial...
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