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Deploying a plan support agreement (PSA) has become an essential component of U.S. Chapter 11 bankruptcy proceedings, especially in larger, more complex reorganizations. Sophisticated debtors and creditors have effectively used PSAs to reduce the costs and risks associated with restructuring a distressed debtor and garner support for a new capital (typically provided through a rights offering). PSAs frame the material terms of the proposed restructuring, and by executing a PSA, a creditor agrees to vote for and support the terms of a restructuring plan that will be circulated to all creditors in the future. Creditors are often induced to sign on to a PSA in return for an enhanced recovery under the proposed plan of reorganization.

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