From Longman Business Dictionarybankrutpcy protectionˈbankrutpcy proˌtection (also bankruptcy-law protection)LAW laws to protect companies that are in financial difficulty, limiting payments they have to make to CREDITORs (=organizations they owe money to)If the company doesn’t file for bankruptcy protection (=ask the authorities to give it protection from creditors) it faces a major problem on June 15, when $42.2 million of payments on senior debt are due.The building company emerged from bankruptcy protection under a reorganization plan. → protection
