Sierra Madre Bankruptcy Attorney, Bankruptcy Lawyer, Bankruptcy Code 11 USC Section 1165

TITLE 11 - BANKRUPTCY
CHAPTER 11 - REORGANIZATION
    SUBCHAPTER IV - RAILROAD REORGANIZATION

-HEAD-
    Sec. 1165. Protection of the public interest

-STATUTE-
      In applying sections 1166, 1167, 1169, 1170, 1171, 1172, 1173,
    and 1174 of this title, the court and the trustee shall consider
    the public interest in addition to the interests of the debtor,
    creditors, and equity security holders.

-SOURCE-
    (Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2641.)


                       HISTORICAL AND REVISION NOTES                   

                          LEGISLATIVE STATEMENTS                      
      Section 1165 of the House amendment represents a modification of
    sections 1165 and 1167 of the Senate amendment requiring the court
    and the trustee to consider the broad, general public interest in
    addition to the interests of the debtor, creditors, and equity
    security holders in applying specific sections of the subchapter.

                         SENATE REPORT NO. 95-989                     
      Section 1165 requires the court, in consideration of the relief
    to be granted upon the filing of an involuntary petition, to take
    into account the "public interest" in the preservation of the
    debtor's rail service. This is an important factor in railroad
    reorganization, which distinguishes them from other business
    reorganizations. Hence, this section modifies the provisions in
    sections 303 and 305 that govern generally when the business of a
    debtor may continue to operate, when relief under the Act sought
    should be granted, and when the petition should be dismissed.
      Section 1167 [enacted as section 1165] imposes on the trustee the
    obligations, in addition to his other duties and responsibilities,
    to take into account the "public interest" in the preservation of
    the debtor's rail service.

-End-
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