Which of the following is true regarding the number of creditors who must vote to accept a reorganization plan under a Chapter 11 proceeding?
A) For the plan to be accepted, one-third of the class of unsecured creditors must vote to approve it.
B) For the plan to be accepted, one-half of the class of secured creditors must vote to approve it.
C) For the plan to be accepted, two-thirds of the creditors of each class of creditors must vote to approve it.
D) For the plan to be accepted, three-fourth of the creditors of each class of creditors must vote to approve it.
E) For the plan to be accepted, one-fourth of the class of unsecured creditors must vote to approve it.

Question

Quizplus · Accepted Answer

For a reorganization plan under Chapter 11 to be accepted, two-thirds in amount and more than one-half in number of the creditors of each class must vote to approve it.

Which of the Following Is True Regarding the Number of Creditors