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.
However, Nakheel is waiting for approval from the bank creditor's committee
before making payment on outstanding debts.
When a company is in bankruptcy or receivership, such investigations are often done at the direction of a creditor's committee
, the receiver or a bankruptcy trustee.
In a prepackaged bankruptcy, a debtor restructures outstanding debt, often through a creditor's committee
, before filing a chapter 11 bankruptcy petition.
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.