Plan Dynamics — Lessons From Spansion

Law360, New York (April 27, 2010, 12:24 PM EDT) -- On April 1, 2010, Judge Kevin J. Carey, Chief Judge of the United States Bankruptcy Court for the District of Delaware, issued an opinion (the "Opinion") in the Spansion bankruptcy rejecting the debtor's proposed plan of reorganization. This article will look at the requirements provided for under the Bankruptcy Code in order for a court to confirm a plan of reorganization. Further, this article will look briefly at why the court in Spansion declined to confirm the debtor's proposed plan.

Background

As stated in the Opinion,...
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