On May 24, 2011, Jackson Hewitt and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company has also agreed with 100% of its lenders, under its existing credit facility, on a prepackaged plan of reorganization that contains the terms of the balance sheet restructuring and filed this plan together with the petitions. Jackson Hewitt is using this legal process to reduce debt, obtain court approval of its plan and emerge quickly as a much more viable, financially healthy company.
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Jackson Hewitt Inc., store locations, nationwide, tax, service, lenders, bankruptcy, Chapter 11