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prepackaged bankruptcy

prepackaged bankruptcy

a situation where a company and its creditors agree to a plan of reorganization before the company files a bankruptcy petition. In a true prepackaged bankruptcy, a plan of reorganization is circulated and approved by creditors before the petition is filed. The court then confirms the plan and the company emerges from bankruptcy quickly (Glossary of Common Bankruptcy Terms)

also pre-pack

Before filing a bankruptcy case (usually a Chapter 11) debtor and creditors negotiate an agreed upon plan. The bankruptcy petition can then be filed and the plan proposed and confirmed with much less time and expense. (Bernstein's Dictionary of Bankruptcy Terminology)

United Glossary of Bankruptcy Terms 2012.

prepackaged bankruptcy

Before filing a bankruptcy case (usually a Chapter 11) debtor and creditors negotiate an agreed upon plan. The bankruptcy petition can then be filed and the plan proposed and confirmed with much less time and expense.

US Bankruptcy 2012.

Glossary of Bankruptcy.