prepackaged bankruptcy

prepackaged bankruptcy
USA
An agreement among creditors and stockholders reached before a bankruptcy filing that governs key elements of the bankruptcy plan, rejections and acceptances. The plan and a disclosure statement are usually filed when a Chapter 11 case commences. Prepackaged plans can help simplify the bankruptcy process and minimize periods of business disruption. However, a risk remains that creditors opposing the plan will take action against the debtor while the plan is being negotiated and no automatic stay limitations apply.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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