Liabilities Subject to Compromise refers to the Debtors' liabilities, in the U.S.A., incurred before the start of the Chapter 11 Cases. This amount represents the debtors' estimate of known or potential pre-petition claims to be resolved in connection with the Chapter 11 cases. Such claims remain subject to future adjustments. Virtually all of the Corporation's pre-petition debt is in default due to the filing and is included in liabilities subject to compromise. Payment terms for liabilities subject to compromise will be established as part of a plan of reorganization under the Chapter 11 cases.
Famous quotes containing the words liabilities, subject and/or compromise:
“Are we bereft of citizenship because we are mothers, wives and daughters of a mighty people? Have women no country—no interests staked in public weal—no liabilities in common peril—no partnership in a nation’s guilt and shame?”
—Angelina Grimké (1805–1879)
“Ice is an interesting subject for contemplation. They told me that they had some in the ice-houses at Fresh Pond five years old which was as good as ever. Why is it that a bucket of water soon becomes putrid, but frozen remains sweet forever? It is commonly said that this is the difference between the affections and the intellect.”
—Henry David Thoreau (1817–1862)
“To win this war, we have been forced into a strategic compromise which will most certainly offend the Russians.”
—Franklin D. Roosevelt (1882–1945)