pre-packaged bankruptcy
- A bankruptcy strategy that involves an initial agreement between the party who owes money and the parties to whom money is owed before officially declaring bankruptcy
- The business avoided a long court case by having a pre-packaged bankruptcy in place beforehand.
- The company used pre-packaged bankruptcy to quickly move through the bankruptcy process and minimize impact on their operations.
- Having a pre-packaged bankruptcy allowed the corporation to smoothly transition through bankruptcy court.
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