Chapter 11 offers debtors and debtors in possession numerous protections and benefits, including, perhaps most significantly, the concept of a “fresh start” for individuals and entities that submit to the process. Pursuant to Section 1141(d)(1) of the U.S. Bankruptcy Code, when a Chapter 11 plan of...

When Kmart was first faced with bankruptcy in February 2002, its leadership was committed to addressing its operational challenges in an aggressive manner. The team enacted a “fast-track emergence” plan, with the goal of exiting bankruptcy by July 2003. Today’s retail restructuring environment...

When a company is on the bankruptcy highway, one of the goals is to exit as quickly and smoothly as possible, leaving the uncertainty of the process behind and putting all of management’s time into optimizing the business. It’s no wonder, then, that two recent ultrafast bankruptcy cases have caught...

When restructuring a business is necessary, the company and its professionals evaluate options and look for the best and most efficient path forward. This path often leads to a restructuring under the auspices of Chapter 11 of the U.S. Bankruptcy Code. Like any restructuring option, Chapter 11...