The week in bankruptcies: Cobal Food Service

By May 29, 2020 News

Austin-area bankruptcy courts recorded one business filing during the week that ended May 22. Year to date through May 22, the court recorded 28 Chapter 7 or Chapter 11 business bankruptcy filings, a 75% increase from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern.