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LocalBusiness.com files Chapter 11.(bamkruptcy protection)(Brief Article)
Business news Web site LocalBusiness.com filed for Chapter 11 protection under the U.S. Bankruptcy Code in Fort Lauderdale last week.
Under Chapter 11, a company is freed from creditors while it reorganizes finances. Typically in this type of bankruptcy, the debtor retains control of the business and its assets. A majority of LocalBusiness.com's creditors also must accept the reorganization plan.
LocalBusiness laid off all of its Internet editorial employees April 27 and stopped …
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