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This document presents a motion filed by the Debtors seeking an extension of exclusive periods in Chapter 11 bankruptcy proceedings to file and solicit acceptances of a plan of liquidation.
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How to fill out motion of form debtors
How to fill out MOTION OF THE DEBTORS AND DEBTORS-IN-POSSESSION
01
Begin by downloading the MOTION OF THE DEBTORS AND DEBTORS-IN-POSSESSION form from the appropriate court's website.
02
Fill out the case caption with the names of the debtors, the debtor-in-possession, and the case number.
03
Clearly state the purpose of the motion in the introductory section.
04
Provide relevant background information, including a summary of the financial situation and reasons for the motion.
05
Detail the specific relief or orders being requested from the court.
06
Include any legal arguments or references to relevant statutes or precedents to support the motion.
07
Attach any necessary supporting documents, such as financial statements or plans.
08
Sign and date the completed motion.
09
File the motion with the court and serve copies to all relevant parties as required by local rules.
Who needs MOTION OF THE DEBTORS AND DEBTORS-IN-POSSESSION?
01
Individuals or businesses undergoing Chapter 11 bankruptcy proceedings who need court approval for actions related to their case.
02
Debtors seeking to maintain operations and manage assets during bankruptcy.
03
Legal representatives or bankruptcy attorneys handling cases for clients.
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People Also Ask about
What is a dip statement?
Debtor-in-Possession (DIP) is a legal status granted to a company undergoing bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code, where the company retains control of its assets and continues its operations while reorganizing its debts.
What are the benefits of debtor in possession financing?
DIP Financing provides a lifeline to companies that would otherwise run out of cash and have no ability to satisfy near-term obligations, including debt service, payroll, rent and other oper- ating expenses.
Who provides debtor in possession financing?
As a result, the priming DIP Financing is generally provided by existing lenders who prime their own existing liens as well as the liens of the co-lenders who do not participate in the DIP Financing.
What is the full meaning of debtor?
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor.
What is a debtor in possession?
A debtor in possession (DIP) is an individual or corporation that has filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code and holds property or assets which can be used to satisfy creditor claims.
What are the powers of a debtor in possession?
Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
What are the two types of debtors?
So, the two kinds of debtors are: Customers who have availed of a credit facility from a seller or supplier of goods and services. Borrowers who have availed of a financial loan from a lender usually with security or collateral.
What is the meaning of debtor in possession?
A debtor in possession (DIP) is an individual or corporation that has filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code and holds property or assets which can be used to satisfy creditor claims.
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What is MOTION OF THE DEBTORS AND DEBTORS-IN-POSSESSION?
The Motion of the Debtors and Debtors-in-Possession is a legal document filed in bankruptcy proceedings by debtors who continue to operate their business while under bankruptcy protection. It outlines the debtor's request for court approval to continue business operations, obtain financing, or take specific actions during the bankruptcy process.
Who is required to file MOTION OF THE DEBTORS AND DEBTORS-IN-POSSESSION?
Debtors who are seeking to maintain control over their assets and operate their business during bankruptcy proceedings are required to file the Motion of the Debtors and Debtors-in-Possession.
How to fill out MOTION OF THE DEBTORS AND DEBTORS-IN-POSSESSION?
To fill out the Motion of the Debtors and Debtors-in-Possession, debtors must provide detailed information regarding their case, including the reason for the motion, the relief sought, a description of the business operations, and any supporting documentation required by the court.
What is the purpose of MOTION OF THE DEBTORS AND DEBTORS-IN-POSSESSION?
The purpose of the Motion of the Debtors and Debtors-in-Possession is to seek court approval for actions that are necessary for the continued operation of the business during bankruptcy, which may include financing, asset sales, or the use of cash collateral.
What information must be reported on MOTION OF THE DEBTORS AND DEBTORS-IN-POSSESSION?
The information that must be reported on the Motion of the Debtors and Debtors-in-Possession includes the debtor's legal name, case number, a statement of the facts supporting the motion, details of the requested relief, and a summary of the financial situation of the debtor.
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