Debt-ridden cos. turning to prepacks; quickie bankruptcies are an effort to tidy balance sheets
Article Abstract:
Bankruptcy experts say the speeded-up version of Chapter 11 reorganizations has returned, with high-profile companies using prepackaged bankruptcy petitions or preparing them across the US. A prepackaged Chapter 11 filing lets a company approach bondholders as potential bankruptcy creditors and persuade them to convert company debt into shares of stock as part of a reorganization. Bondholders vote to support the reorganization plan if they are convinced and company officials file both vote results and the plan as part of the company's initial Chapter 11 petition.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Lawsuit is dismissed on security grounds
Article Abstract:
The US District Court has dismissed Maxwell v First National Bank of Maryland, a suit by a former bank executive claiming his discharge was due to misgivings about CIA accounts financing arms deals. The judge rules that he could not force the government or bank to turn over documents detailing the CIA's relationship with the bank because of the official secrets privilege.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: The big freeze. Protecting pensions; solo practitioners advised to add employees to their plans
- Abstracts: Preferred vs. standard policy risk varies among companies and affects product pricing. The importance of a prepayment for insurance and the terms of conditional receipts are often ignored
- Abstracts: Why the marketing staff needs legal expertise, and how to acquire it
- Abstracts: Historic gathering of black judiciary. 'Quality' survives; lawyers aren't too worried about rulings on shop-floor cooperation
- Abstracts: The public doesn't really know if the jurors were actually influenced. We chronicle these moments of summer madness to remember not to repeat