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-half of the class of secured creditors must vote to approve it.
B) For the plan to be accepted,two-thirds of the creditors of each class of creditors must vote to approve it.
C) For the plan to be accepted,three-fourth of the creditors of each class of creditors must vote to approve it.
D) For the plan to be accepted,one-fourth of the class of unsecured creditors must vote to approve it.
E) For the plan to be accepted,one-third of the class of unsecured creditors must vote to approve it.
Correct Answer:
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