Fighting For A Prefiling RSA Can Hurt Your Credibility
Law360, New York (February 3, 2015, 10:28 AM EST) -- Reorganization participants and professionals have long recognized the many real benefits of a "prepackaged" Chapter 11 plan of reorganization. In a classic prepackaged plan, sufficient votes are properly solicited and obtained before the filing to permit a quick and essentially uncontested confirmation. When a fully prepackaged plan cannot be achieved, debtors have often sought to achieve a broad, even if not unanimous, level of creditor support for a so-called "prenegotiated" plan as a productive next-best option.
In a true prenegotiated plan, a critical mass of creditors across a debtor's capital structure agrees to the key economic and legal terms of a...
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