Ampal-American Israel announced that it has filed a voluntary petition for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of New York. The company said its board determined that such a filing is in the best interests of stakeholders and the best and most efficient method for the company to pursue a plan to restructure. The company has determined that the best forum to continue negotiations and to seek approval of a restructure plan is through the Chapter 11 process.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.