Bankruptcy and Insolvency R07-02B

Provide some key features of a Chapter 11 bankruptcy.

1. A voluntary or involuntary petition may be filed.
2. Requires a committee of unsecured creditors.
3. Debtor creates the reorganization plan, and submits to committee of unsecured creditors.
4. At least 50% approval of creditors with 2/3rd of debt required.
5. A trustee is not generally appointed.