Pre-Packaged Bankruptcies: The Next Big Thing?

Law360, New York (March 29, 2006, 12:00 AM EST) -- In the wake of the new bankruptcy law, more and more companies are seeking an alternative to the increasingly expensive bankruptcy process, embracing swift prepackaged deals, experts say.

Spurred on by yellow bus manufacturer Blue Bird Corp.’s speedy Chapter 11 exit, the buzz has steadily grown around prepackaged bankruptcies in the past few months.

After filing its pre-packaged bankruptcy in January, Blue Bird left bankruptcy protection a record 32 hours later, relieved of $115 million in debt.

The astounding departure has led some businesses to follow...
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