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Multiple Debtor Representation

By Jack L. Smith

The complex structure of modern corporate entities presents unique challenges when it comes time for a Chapter 11 filing. In addition to facing the fundamental questions of whether Chapter 11 is the right course, when it should be filed, and what the ultimate reorganization strategy should be, management and its counsel must grapple with how to manage a multiple debtor filing. For example, which entities should file? How should the filings be timed? How can the separate interests and obligations of each entity be respected and yet be coordinated in such a way as to make reorganization of the overall enterprise manageable from a practical standpoint? The widely accepted approach is to implement an essentially simultaneous filing on behalf of most or all of the entities in the corporate family. In the interest of efficiency and cost control, a single set of debtors' counsel most often represents all the filing entities, with each of the individual cases jointly administered under a common umbrella.

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