Which one of the following statements is true concerning a bankruptcy? (Points :

Question

Which one of the following statements is true concerning a bankruptcy? (Points : 4) a Chapter 7 bankruptcy is a reorganization proceeding. a "prepack" is intended to shorten the time a firm spends in bankruptcy. the absolute priority rule applies to both Chapter 7 and Chapter 11 bankruptcy proceedings, and must be adhered to by the courts. creditors cannot force a firm into bankruptcy, even though they might like to do so. a reorganization plan, can only be approved if the firm's creditors all agree with the plan.

Explanation / Answer

a reorganization plan, can only be approved if the firm's creditors all agree with the plan.

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