The Stars will be sent through a prepackaged bankruptcy hearing before the sale is final.

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Usually, when a business is contemplating a prepackaged bankruptcy, this means it has proposed the plan to creditors and they have voted to approve it.

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The bankruptcy trusts are created by plaintiff lawyers, who negotiate prepackaged bankruptcy deals that relieve companies of their asbestos liabilities while creating a streamlined process for paying claims.

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So it proceeded to orchestrate an out-of-court prepackaged bankruptcy.

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Prepackaged and prenegotiated bankruptcy combine the most attractive features of Chapter 11 and out-of-court restructuring.

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After prepping the company for a sale and watching the deal fall through, Donald filed for a prepackaged Chapter 11 bankruptcy that allowed him to slough off debt and reemerge with a public company.

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