pre-packaged bankruptcy

English

Noun

pre-packaged bankruptcy (countable and uncountable, plural pre-packaged bankruptcies)

1. (finance, banking) A filing for bankruptcy by submitting to the court a virtually complete plan designed to avoid a protracted court-guided period of reorganization and debt restructuring.

Synonyms

• pre-pack, quick bankruptcy, surgery, pre-packaged insolvency

References

• 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).