Creditors' Ball: The 'New' New Corporate Governance in Chapter 11

@inproceedings{Skeel2003CreditorsBT,
  title={Creditors' Ball: The 'New' New Corporate Governance in Chapter 11},
  author={David A. Skeel},
  year={2003}
}
In the 1980s and early 1990s, many observers believed that the American corporate bankruptcy laws were desperately inefficient. The managers of the debtor stayed in control as "debtor in possession" after filing for bankruptcy, and they had the exclusive right to propose a reorganization plan for at least the first four months of the case, and often far longer. The result was lengthy cases, deteriorating value and numerous academic proposals to replace Chapter 11 with an alternative regime. In… CONTINUE READING