reorganization plan
- A proposal made to a bankruptcy court by a corporation aiming to rearrange its debts and structure under Chapter 11 of the Bankruptcy Code, laying out the anticipated restructuring process
- The struggling corporation presented its reorganization plan to the bankruptcy court for approval.
- If the reorganization plan is accepted, the company can avoid liquidation and continue operations.
- Creditors carefully reviewed the details of the reorganization plan before deciding on their vote.
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