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Penn Central declares Section 77 bankruptcy in what was the largest U.S. corporate bankruptcy to date.
Related Wikipedia articles
Penn Central Transportation Company
American class I railroad company in operation from 1968 to 1976
The Penn Central Transportation Company, commonly abbreviated to Penn Central, was an American class I railroad that operated from 1968 to 1976. Penn Central combined three traditional corporate rivals, the Pennsylvania, New York Central and the New York, New Haven and Hartford…Source: Wikipedia (CC BY-SA)
Bankruptcy of Penn Central
Largest bankruptcy in U.S. history in 1970
American railroad company Penn Central Transportation Company declared bankruptcy on June 21, 1970, two and a half years after its formation by the merger of the New York Central Railroad and the Pennsylvania Railroad. At the time, this was the largest bankruptcy in American…Source: Wikipedia (CC BY-SA)
Bankruptcy
Legal status for relief from debts
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.Source: Wikipedia (CC BY-SA)
June 21
Day of the year
June 21 is the 172nd day of the year in the Gregorian calendar; 193 days remain until the end of the year.Source: Wikipedia (CC BY-SA)