What happens if enough claimants vote to approve the Plan?
A11. The bankruptcy court will hold a “Confirmation Hearing” to review the vote and any objections to the Plan. This hearing is scheduled to begin on June 28, 1999. The hearing will likely last at least a week. The bankruptcy court will then issue an order either approving or not approving the Plan. If the Plan is approved, the documents provide that the processing of claims can begin when the Plan goes into effect, unless “stayed’ by an appellate court. The Plan goes into effect on the “Effective Date” which occurs after the Plan is approved and other necessary events occur.
Related Questions
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- What happens if enough claimants vote to approve the Plan?
