Requirements for the Chapter 11 Reorganization Plan

1. REQUIREMENTS FOR THE
CHAPTER 11
REORGANIZATION PLAN
Nancy L. Kourland

2. REQUIREMENTS FOR THE CHAPTER 11
REORGANIZATION PLAN
 As an associate with Rosen & Associates in New York City, Nancy
L. Kourland represents both creditors and debtors in matters
related to Chapter 11 bankruptcy. Nancy L. Kourland has
supported clients in all areas related to Chapter 11 workouts and
reorganizations.

3. REQUIREMENTS FOR THE CHAPTER 11
REORGANIZATION PLAN
 By law, a Chapter 11 bankruptcy proceeding begins with the
filing of a petition by either the debtor or its creditors . Once the
petition enters the records, the debtor has four months to create
a reorganization plan, though the courts may approve an
extension in particular circumstances. This plan indicates how the
debtor intends to restore finances and meet financial obligations
going forward.

4. REQUIREMENTS FOR THE CHAPTER 11
REORGANIZATION PLAN
 Unless the plan includes full payment to creditors without delay,
creditors vote on approval of the plan. Approval must include at
least one debt that the applicant will not immediately pay when
due or upon plan confirmation. Once the creditors approve the
plan, the court must determine that the debtor has presented
the plan in good faith and that the plan is fair, feasible, and in
the best interests of creditors.