Plan of Reorganization and Merger between CP National Corp. and Alltel Corp.
Description Plan Reorganization Statement
How to fill out Reorganization Alltel Order?
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Reorganization Alltel Draft Other Form Names
Plan Merger Statement FAQ
Also known as plan. A comprehensive document prepared by a debtor or another party in interest detailing how the debtor will continue to operate or liquidate, and how it plans to pay the claims of its creditors over a fixed period of time.
After a Chapter 11 plan is confirmed by the court, the plan must be implemented and carried out, either by the debtor or by the successor to the debtor under the plan. If the plan calls for the debtor to be reorganized or for a new corporation to be formed, this function must be carried out first.
In a business liquidation, an entity files a Chapter 7 Bankruptcy Petition and turns over the control of their company to a Trustee who is a fiduciary for creditors.A reorganization under Chapter 11 involves an entity that is a debtor in possession of their assets and operation of the company.
The reorganization proposal must provide structure as to how the business will continue to operate. Normally, the plan will include information about downsizing the business, negotiating debts, and liquidating assets within the business.
This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.