Minimum Requirements of Out-of-Court or Informal Restructuring Agreements and Rehabilitation Plans.
Section 84
SEC. 84. Minimum Requirements of Out-of-Court or Informal Restructuring Agreements and Rehabilitation Plans. — For an out-of-court or informal restructuring/workout agreement or Rehabilitation Plan to qualify under this chapter, it must meet the following minimum requirements: The debtor must agree to the out-of-court or informal restructuring/workout agreement or Rehabilitation Plan; It must be approved by creditors representing at least sixty-seven (67%) of the secured obligations of the debtor; It must be approved by creditors representing at least seventy-five percent (75%) of the unsecured obligations of the debtor; and It must be approved by creditors holding at least eighty-five percent (85%) of the total liabilities, secured and unsecured, of the debtor.