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prepackaged bankruptcy

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Prepackaged Bankruptcy
When acompany prepares a reorganization plan that is negotiated and voted on by creditors and shareholders before the company actually files for bankruptcy.

Notes:
The idea behind a pre-packaged bankruptcy plan is to shorten and simplify the bankruptcy process in order to save the company money in legal fees, and hopefully generate more for the creditors.

Prepackaged bankruptcy
A bankruptcy in which a debtor and its creditors pre-negotiate a plan of reorganization and then file it along with the bankruptcy petition.
prepackaged bankruptcy
A Chapter 11 bankruptcy settlement in which the reorganization and main provisions have been agreed to by creditors and stockholders in advance of the filing.
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