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Navigating PubliclyTraded Securities When Soliciting a Chapter 11 Plan

By Tinamarie Feil

When tapped to conduct plan solicitation, I am all too often amazed to learn that a debtor has publicly traded stocks or bonds and that it has erroneously intended to simply serve plan solicitation materials on the registered holders of those securities. There are even times when the very existence of publicly traded debt suddenly comes as a surprise.

Just because a company's stock is not publicly traded doesn't mean it doesn't have publicly traded debt! Churches, utilities, and hospitals are common types of debtors that issue debt, but many others do as well. So, no matter the business of the debtor, it is important to take steps to accurately determine whether publicly traded securities of the debtor exist. While most counsel are well aware that both registered and beneficial owners need to be reached for plan voting, the reasons why and the intricate structure of identifying beneficial owners may be less clear.

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