In this article, authors Christina Pullo, James Daloia, and Alex Orchowski address the solicitation process for a prepackaged plan, including considerations for companies and their counsel when preparing for and soliciting a prepackaged plan with the assistance of a solicitation agent.
A prepack is a Chapter 11 bankruptcy in which the debtor negotiates the terms and solicits voters on a plan of reorganization before it files its bankruptcy petition. This article addresses, among other things:
- Key differences between prepackaged and traditional bankruptcy plans
- The administrative process to effectuate a prepack
- Initial solicitation considerations
- Most common parties solicited as part of a prepack
- Solicitation documents and procedures
- Noticing and publication considerations
- Voting and tabulation requirements and processes
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*This checklist was originally published in the Thomson Reuters Publication, Practical Law.
