In California, once the contract is signed, the assignee has 30 days to send out written notice of the assignment to the company's creditors.

ENGADGET: OnLive's alternative to bankruptcy: just what is an Assignment for the Benefit of Creditors?

As part of a contract to protect American diplomats and other employees worldwide, the State Department hired Blackwater for a multiyear assignment in Iraq, renewable each year.

CNN: Official: U.S. will not renew Iraq contract with Blackwater