pre-packaged bankruptcy

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English[edit]

Noun[edit]

pre-packaged bankruptcy (plural pre-packaged bankruptcies)

  1. (finance, banking) To file for bankruptcy by submitting to the court a virtually complete plan designed to avoid a protracted court-guided period [of reorganization and debt restructure]; (slang) a "pre-pack" or "quick bankruptcy" or "surgery".

References[edit]

  • 2009 Levitin, Adam, GM Could Move Quickly Through Bankruptcy, Steve Inskeep interview of Adam Levitin, Professor of Law, Georgetown University; Morning Edition, April 1, 2009, National Public Radio (US).