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1. What is Chapter 7 liquidation and Chapter 11 reorganization? When should each be used? Please choose one company that has gone through either type

1. What is Chapter 7 liquidation and Chapter 11 reorganization? When should each be used? Please choose one company that has gone through either type of bankruptcy proceeding and describe the circumstances leading up to the filing.

2. From a creditors standpoint, would you prefer to liquidate a company or reorganized it? Explain your reasoning.

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