So Mr Red does that mean you give him credit for saving the jobs of those who worked for him in those enterprises he put into Chapter 11 "protection"? Or perhaps you think it would have been better had they all lost their jobs and the have the businesses closed down?

As for what Chapter 11 is:

"Chapter 11 is a form of corporate bankruptcy in the United States that enables a company to reorganise a faltering business.

Under Chapter 11 a company's management usually stays in place to run the day-to-day business, although all major business decisions must be approved by a bankruptcy court.

The company will usually attempt to work out a plan to return to profitability while paying back creditors. It if can't, the company will be liquidated, with the assets sold to pay creditors.

The plan must be accepted by the creditors, bondholders, and stockholders, and confirmed by the bankruptcy court. However, even if creditors or stockholders reject the plan, the court can confirm the plan if it finds that the plan treats creditors and stockholders fairly.

If the company is quoted on a stock exchange, its stock and bonds may continue to trade in the securities markets. Since they still trade, the company must continue to file SEC reports with information about significant developments.

Source: SEC*

US Securities & Exchange Commission