How is it determined whether a plan is accepted or rejected by creditors?
All voting on the acceptance or rejection of a plan is by class. The creditors in each class of impaired claims vote on whether the plan will be accepted by that class of claims. To be accepted by a class of claims, a plan must be accepted by creditors holding at least two-thirds in dollar amount and one-half in number of the claims in the class that actually vote on the acceptance or rejection of the plan. At least one class of impaired claims must vote to accept a plan before the plan can be confirmed by the court.
