Creditor's committee

Creditor's committee

A group representing firms that have claims on a company facing bankruptcy or extreme financial difficulty.

Creditor's Committee

In bankruptcy, an ad hoc committee of creditors who have an interest in seeing as much debt as possible recovered from the person or company filing for bankruptcy.
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Under Section 1102 of the Bankruptcy Code, the United States trustee has the authority to appoint an official unsecured creditor's committee in a Chapter 11 case.
The "plan date" is the earliest of (1) the filing day with the court of the first plan of reorganization that is endorsed by a creditor's committee, (2) the filing day with the court of the first plan of reorganization for which a disclosure statement is approved by the court or (3) the first day on which the loss corporation has sufficient acceptances to a reorganization plan to assure acceptance of the plan under bankruptcy rules.