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Barbara M. Goodstein Barbara M. Goodstein

Chapter 11 of the U.S. Bankruptcy Code offers distressed companies the opportunity for a fresh start through a court-approved plan of reorganization. Companies can also efficiently administer their own liquidation under Chapter 11 through a court-approved plan of liquidation. Yet finalizing such plans is no picnic. The process is often contentious, and the plan can be a heavily-negotiated global settlement among many parties with divergent interests. Certain of those parties, such as pre- or post-petition lenders, may have had a long history of involvement with the debtor and may be supporting it financially during and following emergence from bankruptcy.

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