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Chapter 11 Acceptance of the Chapter 11 Plan

Any creditor or equity security holder whose claim or interest has been allowed may accept or reject a Chapter 11 bankruptcy plan by a signed writing identifying the plan and conforming to the appropriate Official Form. Bankruptcy Code §1126(a); Bankruptcy Rule 3018(c) If the acceptance or rejection occurs before the commencement of the case, it is valid only if it was solicited in accordance with the bankruptcy Code's requirements for pre-petition solicitation and if the bankruptcy plan was sent to substantially all creditors and equity security holders of the same class within a reasonable time to accept or reject the plan. Also, if the claim was based on a security of record, the creditor or equity security holder must have been the holder of record on the date specified in the solicitation.

Classes of Claims

Acceptance of a bankruptcy plan by a class of claims requires acceptance by creditors holding at least two-thirds in number of the allowed claims actually being voted.

Classes of Interests

Acceptance of a bankruptcy plan by a class of interests requires acceptance by equity security holders having at least two-thirds in amount of the allowed interests actually being voted.

Bad Faith Votes

The bankruptcy court, after notice and a hearing, may discount any acceptance or rejection not made in good faith or that was not solicited in good faith or in compliance with the provisions of the bankruptcy Code. Votes disqualified because claims acquired in bad faith for stated purpose of taking over the bankruptcy debtor, which would require blocking confirmation of debtor's reorganization plan

Unimpaired Classes

If a particular class is not impaired under a bankruptcy plan, there is a conclusive presumption that the bankruptcy plan has been accepted by the class and by the holder of each claim or interest in the class

Classes Receiving no Property

A class that receives or retains no property under a bankruptcy plan is deemed to have rejected the plan.

Modifying the Chapter 11 Plan

Prior to confirmation, a bankruptcy plan may be modified only by its proponent. After confirmation and before substantial consummation of a plan, it may be modified, if warranted, by the proponent or by the reorganized bankruptcy debtor. Any modification must satisfy the statutory requirements concerning classification of claims or interests, contents of the plan , and disclosure. An acceptance or a rejection of a bankruptcy plan before modification will be deemed to apply to the plan as modified unless the vote is changed within the deadline set by the bankruptcy court.

Mira Mesa, California

Mira Mesa is a large suburb that is part of the city of San Diego, California. Mira Mesa is bordered by Interstate 15 to the east, Interstate 805 to the west, the Los Penasquitos Canyon to the north and Marine Corps Air Station Miramar, to the south. At the west end, the Sorrento Valley business and technology park is a major employer.

The Pacific Bankruptcy Center is a debt relief agency, assisting the residents of Mira Mesa California in filing for bankruptcy under the United States Bankruptcy Code.

About Us

The bankruptcy attorneys of the Pacific Bankruptcy Center, serve clients in Southern California, including San Diego County, San Bernardino County, and Riverside County; and the cities of San Diego, Riverside, San Bernardino, Chula Vista, National City, El Cajon, La Mesa, Mission Bay, Hillcrest, Ramona, Julian, Escondido, San Marcos, Vista, Oceanside, Encinitas, Solana Beach, Del Mar, Rancho Bernardo, Rancho Santa Fe, La Jolla, Pacific Beach, Ocean Beach, Little Italy, Old Town, Mira Mesa, North Park, Temecula, and Carlsbad.

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