However, before any POR sees the light of day the DIP will first put out a "Disclosure Statement" (DS).
What is that and why does it preceed a POR?
The DS must provide adequate information about the debtors financial affairs to allow their creditors to make an informed decision about whether to accept or reject the POR. In other words the creditors in a bankruptcy want (and have a legal right) to know every tiny detail about WHO the debtor owes, HOW much and WHEN they owe it. Then once a DS is filed the court will hold a hearing to approve or reject it. Typically you can expect multiple objections to the DS...which causes further delays :(
As I stated earlier VNR may have this case on a "fast track" ...but bankruptcies are never as fast as what most of us think that term to mean.
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