Search Results for: "prepack"
A prepack is a chapter 11 plan that a debtor prepares in cooperation with its creditors and which enough creditors and equity holders approve of, prior to the Petition Date, such that the parties know that the voting requirements of Bankruptcy Code §1126 will be satisfied. Such a chapter 11 plan is commonly filed together with the chapter 11 petition on the Petition Date. A successful pre-pack can be much shorter in duration than other chapter 11 cases (the shortest case in history, led by Kirkland & Ellis partner, Jon […]
In a Delaware assignment for the benefit of creditors case, court approval is not required for a sale, but, time, money, and preference can factor.
The ABCs of ABCs, Business Bankruptcy, & Corporate Restructuring/Insolvency In the last two installments of this series, we introduced you to things a company should consider before deciding whether to file chapter 11, and a timeline for understanding how a “typical” chapter 11 case proceeds. In this quick little ditty, we want to make sure you understand four concepts that permeate every chapter 11 case except, perhaps, a prepack. 1. The Automatic Stay When a bankruptcy case is filed, an “automatic stay,” is triggered under Bankruptcy Code § 362. The automatic […]
About the National Directory of Experienced Assignees Who Serve as Such in Assignments for The Benefit of Creditors: The goal of the Assignee Directory (the “Directory”) is to provide comprehensive information about individuals who have served as assignees in the context of an assignment for the benefit of creditors (“ABC”). The only requirement for inclusion is that the included individual has at some point acted as an assignee or as an “ABC Ultimate Decision Maker” as that term is defined in the next sentence. An ABC Ultimate Decision Maker is, […]
The ABCs of ABCs, Business Bankruptcy & Corporate Restructuring/Insolvency [Authors’ Note: Before going any further, read Installment 4: Chapter 11—If You’ve Seen One, You’ve Seen Them All. While you can generally read any installment in this series in any order or even by itself, this one is an exception…] And now, we present to you, the five stages of a “typical” chapter 11 case (subject to the caveats you read in our previous installment). By the way, make sure you read to the end so you can see what a […]
A Series on the ABCs of ABCs, Business Bankruptcy & Corporate Restructuring/Insolvency Greetings, Dear Reader: It seems you’re interested in learning how to deal with corporate distress, and we’re glad you’re here. But let’s first make sure you got on the right plane. Maybe you… Are a C-suite executive of a business that’s considering buying a failing competitor on the cheap Manage a private equity or hedge fund Are a junior associate in the restructuring or special situations group of a law, investment banking, or accounting firm Are a credit […]
A written tour of business bankruptcy and its alternatives. This is the latest in the series, Dealing with Distress for Fun & Profit, which you can read from the beginning if you like. Our last two installments focused on the basics of confirming a plan, followed by specific plan confirmation issues to address with individual classes of creditors. In this installment, our fearless authors take on a discussion of a less frequently used, yet highly effective means of confirming plans–plan support agreements and restructuring support agreements. Overview of Restructuring Support […]
A written tour of business bankruptcy and its alternatives. This is the latest in the series, Dealing with Distress for Fun & Profit, which you can read from the beginning if you like. In this bat-installment, we turn to what is, theoretically, one of the most important parts of any chapter 11 case: confirming a chapter 11 plan. Chapter 11 Plans Are Not Always in the Cards Notice our use of the word “theoretically” above? That is because in many chapter 11 cases there never is a plan. Some cases […]