Issue link: https://mbozikis.ufcontent.com/i/1422521
154 No. 19-22185 (RDD) (Bankr. S.D.N.Y. 2019) (less than 24 hours); In re Belk, Inc., Case No. 21-30630 (MI) (Bankr. S.D. Tex. 2021) (less than 24 hours); In re Mood Media Corporation, Case No. 20- 33768 (MI) (Bankr. S.D. Tex. 2020) (less than 24 hours); In re SunGard Availability Services Capital, Inc., Case No. 19-22915 (RDD) (Bankr. S.D.N.Y. 2019) (less than 40 hours); In re Deluxe Entm't Servs. Grp., Case No. 19-23774 (RDD) (Bankr. S.D.N.Y. 2019) (three weeks)), but are more typically thirty to sixty days in length. Some bankruptcy courts have even formulated specific rules and procedures that govern and help to streamline "pre- packaged" bankruptcy cases (see e.g., S.D.N.Y. Local Bankruptcy Rule 3018-2). Among other things, "pre-packaged" bankruptcy cases typically will not have official creditors' committees, bar dates or require the debtor to file schedules and statements of financial affairs and will have a combined hearing to approve the disclosure statement and confirm the plan rather than separate, linear hearings for each. "Pre-packaged" bankruptcy cases, however, are not appropriate in many situations as they require either that all parties consent to their treatment under a plan or for such parties to be unimpaired under a plan. While this may be feasible where the debtor is only undertaking a balance sheet restructuring with one or two series of funded debt, it is generally not practicable where the debtor is also undertaking an operational restructuring that impacts a great number of creditors and the debtor cannot afford to pay such creditors in full. While a "pre-arranged" bankruptcy does not have all the benefits of a "pre-packaged" bankruptcy and, procedurally, has much more in common with a traditional Chapter 11 proceeding, a "pre-arranged" bankruptcy does have the benefit of providing the debtor and the major consenting stakeholders with a high degree of certainty regarding the likely success and efficiency of the bankruptcy case before the case has been commenced. This is because the debtor and a sufficient percentage of consenting stakeholders for bankruptcy plan voting purposes will typically negotiate and execute a "restructuring support agreement" or "plan support agreement" prior to the bankruptcy filing which reflects