I think idl has noted why C11 is sometimes “looked down upon” by us foreigners – in the non US ones I’ve been involved in there hasn’t been “debtor in possession” – once the airline has gone into Administration an Administrator is appointed, even if the management staid on they would be toothless as the Administrator is GOD, nothing happens without his permission and his job is to get as much money as possible be that by “restructuring”, selling as a going concern or selling as scrap.
That is at least the way I remember it from Australia and Belgium where the Administrators made our lives HELL – even though I represented “secured creditors” – got to admit one I did in Turkey was different, in that one the airline simply closed down one night, no one turned up for work the next day, no administrator, no one willing to even discuss the situation and it was upto the creditors to get what they could – after “persuading” airport security to let them in.
You may of course correct me – as long as no one ever tells me the Administrator is really looking after the interests of the creditors – the ones I’ve dealt with became VERY rich by making the creditors (at least the ones with planes) pay through the nose to get their property back.
Then again I’ll also admit that if I’d been one of the guys laid off I’d have wanted them to screw every penny they could get out of anyone, so that I could get my redundancy, holiday etc payouts – but I seem to remember the Administrators were on a percentage which was paid first and that I think is wrong – it should be a fixed fee payable based on performance.