0 a legal process in the US by which a company, when it owes money that it cannot pay, can stay in business while it organizes itself in a new way and agrees to pay some debts over a period of time
1 law a legal process in the US by which a company, when it owes money that it cannot pay, can stay in business while it organizes itself in a new way and agrees to pay some debts over a period of time
2 a part of the US law dealing with bankruptcy which protects companies from their creditors (= the people they owe money to) by allowing them extra time to improve their business before they have to pay back their debts:
The company filed for Chapter 11 bankruptcy protection after suppliers stopped shipments to its stores.
