Press

The American Bankruptcy Institute (ABI) released this morning its highly anticipated commission report on reforming Chapter 11. Without further ado, readers can find the commission’s recommendations here.
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The commission tasked with recommending reforms to the 36-year-old U.S. bankruptcy regime released a long-awaited report on Monday saying that the current system doesn't work and urging Congress to give troubled businesses a better chance at rebuilding in Chapter 11. The report by the American Bankruptcy Institute's Chapter 11 reform commission will frame years of debate within the restructuring community about strengthening the bankruptcy process as a turnaround tool.
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The American Bankruptcy Institute (ABI) has just released its findings following a three-year study of Chapter 11 bankruptcy law, involving hundreds of bankruptcy professionals and academics and the study recommends (among other things) significant changes to the way smaller businesses are treated during bankruptcy proceedings, notably giving family-run businesses a way to retain control post-petition.
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While restructuring professionals have proposed some interesting changes to the bankruptcy code, it’s also striking what their 370-page report leaves out. Here are some hot topics in the bankruptcy world that wouldn’t be affected.
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Bankrupt U.S. companies would have more leeway to impose restructuring plans over creditors' objections under new recommendations by a commission to overhaul Chapter 11 bankruptcy rules. As part of a report to be issued on Monday, the American Bankruptcy Institute's Commission to Study the Reform of Chapter 11 recommended eliminating a rule that at least one impaired creditor class must vote to accept a company's bankruptcy exit plan for the plan to be eligible for court approval.
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In 2012, the American Bankruptcy Institute created the ABI Commission to Reform Chapter 11, co-chaired by Robert Keach and Albert Togut, and its report is due out by year-end. Howard Brownstein of the Brownstein Corporation sat down with them to discuss the report.
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After nearly four decades since the U.S. Bankruptcy Code was passed, the American Bankruptcy Institute established a commission to revisit the guidelines that no longer fit in the current world of complex bankruptcy workouts and turnarounds. After discussions, field hearings and deliberations, the ABI Commission to Study the Reform of Chapter 11 plans to make its recommendations for a major overhaul at the end of the year.
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In 2011, the American Bankruptcy Institute ("ABI") announced the formation of a new commission to study overhauling Chapter 11 of the Bankruptcy Code. Following the tone set at the ABI's 2009 legislative symposium "Chapter 11 at the Crossroads: Does Reorganization need Reform?", ABI President Geoff Berman initiated the study with an eye towards recommending changes to Chapter 11.
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In December 2014, the industry’s top professionals are expected to release a report on how to modernize the aging U.S. Bankruptcy Code’s rules for struggling businesses. The report [from ABI's Commission to Study the Reform of Chapter 11] could provide a template for U.S. lawmakers, should they ever be convinced that Chapter 11’s current rules—established in 1978—don’t work efficiently in today’s business world.
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The American Bankruptcy Institute (ABI) is pressing ahead with the second stage of its massive review of chapter 11, with the findings from the "field hearings" shared between 14 committees being collated by a central Commission of "the best and the brightest." The ABI Commission to Study the Reform of Chapter 11 is set to issue it's report at the end of 2014. (Global Turnaround Magazine)
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