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Debtor Release - SECTION 1123(B) OF THE BANKRUPTCY CODE

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newflow   Tuesday, 10/20/20 07:07:59 AM
Re: None
Post # of 9357 
Debtor Release - SECTION 1123(B) OF THE BANKRUPTCY CODE

PURSUANT TO SECTION 1123(B) OF THE BANKRUPTCY CODE, FOR GOOD AND
VALUABLE CONSIDERATION, ON AND AFTER THE EFFECTIVE DATE
, EACH RELEASED PARTY
IS DEEMED RELEASED AND DISCHARGED BY THE DEBTORS,....

Plan page 51/135

SECTION 1123(B) OF THE BANKRUPTCY CODE
https://www.law.cornell.edu/uscode/text/11/1123
(b)Subject to subsection (a) of this section, a plan may—
(1)impair or leave unimpaired any class of claims, secured or unsecured, or of interests;
(2)subject to section 365 of this title, provide for the assumption, rejection, or assignment of any executory contract or unexpired lease of the debtor not previously rejected under such section;
(3)provide for—
(A)the settlement or adjustment of any claim or interest belonging to the debtor or to the estate; or
(B)the retention and enforcement by the debtor, by the trustee, or by a representative of the estate appointed for such purpose, of any such claim or interest;
(4)provide for the sale of all or substantially all of the property of the estate, and the distribution of the proceeds of such sale among holders of claims or interests;
(5)modify the rights of holders of secured claims, other than a claim secured only by a security interest in real property that is the debtor’s principal residence, or of holders of unsecured claims, or leave unaffected the rights of holders of any class of claims; and
(6)include any other appropriate provision not inconsistent with the applicable provisions of this title.

IMO - Debtors can be discharged for a good and valuable consideration to claims or interests.

Debtors are going to be liquidated and dissolved out of bankruptcy and distribute the remaining assets to claims or equity as suggested in point #4 above.
AJMO.

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