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Politics : American Presidential Politics and foreign affairs
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To: DuckTapeSunroof who wrote (35523)5/13/2009 10:57:59 AM
From: jlallen  Read Replies (2) of 71588
 
The debtor in a Chapter 11 has a period of exclusivity as far as proposing a plan for the first 120 days under 11 USC 1121(b).

The debtor’s exclusive right to file a reorganization plan is an obstacle to any attempt by creditors or a buyer to file competing plans or to otherwise obtain control of a debtor’s business and assets. The debtor has an initial period of 120 days within which only it can file a plan, and if the debtor files a plan in that period, the debtor has an additional 60 days to solicit acceptances of the plan. If the debtor does not exercise its exclusive rights, then other parties in interest may file a plan. 11 USC Section 1121 gives any party in interest the right to request that the court shorten the period of exclusivity, but this can only be done by motion after notice and a hearing.

J.
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