The Upside Of The Fastest Chapter 11 Confirmation Ever
Law360 (June 26, 2019, 1:07 PM EDT) -- A mere 19 hours after filing for bankruptcy, Sungard Availability Services Capital Inc., et al. confirmed a prepackaged plan of reorganization. Sungard now holds the record for fastest confirmation of a Chapter 11 plan in the United States.
Generally, confirmation is a marathon — not a sprint. But fast-tracking confirmation is becoming more acceptable, at least among commercially minded judges. So when the need for speed is compelling, a disclosure statement and prepackaged plan may be approved simultaneously and now in as little as a day.
A one-day prepack offers several advantages to creditors and debtors alike. There are almost no...
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