Lessons for Death
9. One last chance: creating a reorganization plan.
A company has 120 days from the date of filing for Chapter 11 protection to submit a plan to reorganize and pay its creditors. All the creditors that are impaired (that will be paid less than what they are owed) get to vote on whether they will accept your plan. If not, they can submit other plans of their own, which will be evaluated by the creditors and the court.
Task: Ideally, you should have a plan prepared BEFORE you file for Chapter 11. That plan should be the basis for your DIP financing. Having the plan in advance will allow for a streamlined bankruptcy process. A quicker process means less fees consumed by professionals and administration.
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