Many corporations choose Chapter 11 bankruptcy proceedings voluntarily because the management can:

Question

Quizplus · Accepted Answer

Option A is correct because under Chapter 11, a debtor has 120 days to file a reorganization plan, which can be extended up to 18 months by the court. 
Option B is correct because unlike Chapter 7 bankruptcy where a trustee is appointed to liquidate the debtor's assets, in Chapter 11, the debtor's management remains in control of the business operations. 
Option C is correct because to confirm a reorganization plan, the debtor must get the approval of the required fractions of creditors, and the plan must be feasible, fair, and in the best interests of creditors.

Many Corporations Choose Chapter 11 Bankruptcy Proceedings Voluntarily Because the Management