Undertaking a Prepackaged Plan Solicitation

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.