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The Bankruptcy StrategistFeaturesBankruptcyLitigationTechnology Media and Telecom

Faster, Shorter, Smarter, Better: Strategies for a New Era of Bankruptcy

By Chris Updike and Joseph Zujkowski

Notwithstanding myriad developments in corporate finance and restructuring over the last 20 years, bankruptcy remains an important, and often necessary, tool to help distressed companies reorganize debt obligations, streamline operations, and emerge as leaner, more profitable enterprises. To keep up with changing times, the practice of bankruptcy law also continues to evolve, as restructuring professionals and judges focus on making the process more accessible and cost effective.

Among other trends, practitioners are increasingly using pre-packaged and pre-negotiated cases, drafting clearer and more concise pleadings, employing smarter deposit management practices, and harnessing improved technology — strategies for a new era of bankruptcy.

Faster Cases

One oft-cited trend in Chapter 11 practice is the growing popularity of "pre-negotiated" or "pre-arranged" cases, which refer to bankruptcy cases where the debtor has already reached agreement on the terms of a Chapter 11 plan with one or more creditor groups prior to commencement.

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