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PrePackaged Bankruptcy

Similar to a prearranged bankruptcy is the prepackaged bankruptcy or “prepack”, in which, before filing for bankruptcy, the debtor has negotiated, documented, and disclosed to creditors a plan of reorganization, and those creditors have voted in favor of the plan. Because much of the work has been completed ahead of the filing, a prepackaged Chapter 11 case can be completed in a much shorter time frame than a typical prearranged or traditional free-fall Chapter 11 case, thereby minimizing administrative costs and reducing much of the uncertainty of the bankruptcy process.

To approve the plan, either 66.67% by debt volume and 50% by number of each class of debt holders is needed.

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