Validity of Post-Petition Restructuring Support Agreements in Bankruptcy

, New York Law Journal

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Clement J. Farley, Eduardo J. Glas and Scott H. Bernstein of McCarter & English review a recent decision that the votes to accept a Chapter 11 plan that were cast by signatory parties to a plan support agreement should not "be designated," and thus, should be counted as acceptances under Section 1126 of the Bankruptcy Code - a decision that confirms the validity of a useful method of shortening the bankruptcy process.

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