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56 Am. Bankr. L.J. 349 (1982)
Section 1121 and Non-Debtor Plans of Reorganization

handle is hein.journals/ambank56 and id is 357 raw text is: Section 1121 and Non-Debtor Plans of Reorganization by Kenneth Alan Rosen* Angel Ruiz Rodriguez* * I. INTRODUCTION On October 1, 1979 the Bankruptcy Reform Act of 1978 became effec- tive.1 That legislation constituted the first comprehensive review and revi sion of the federal bankruptcy laws in almost fifty years.2 Along with the other changes brought in by the new legislation, sub- stantial changes occurred in the area of plan filing within the context of a chapter 11 bankruptcy case. The filing of plans in a reorganization case is now governed by section 1121 of the Bankruptcy Code.3 This section is an amalgam of the applicable provisions of Chapters X, XI and XII of the Bankruptcy Act of 18984 and constitutes a major departure from prior practice under Chapter XI wherein the debtor was frequently in full control of the proceeding to the disadvan tage of the creditors.5 This article will examine the provisions of Chapters X, XI and XII of the 1898 Act, as well as the provisions and practicalities of section 1121 of the Code. II. THE BANKRUPTCY ACT OF 1898 AND CHAPTERS X, XI AND XII A. DESCRIPTION OF CHAPTERS X, XI AND XII Prior to October 1, 1979 the reorganization of large corporations was governed by Chapter X. Frequently, the reorganization of a corporation under this chapter involved not only the readjustment of debts (secured and *Associate, Bums Summit Rovins & Feldesman, New York, New York; B.S., Cornell University; J.D., Yeshiva University; M.B.A., Columbia University; Member: New York and New Jersey Bars. * B.S., Inter-American University; J.D., Inter-American University; law clerk, Bankruptcy Judge William H. Beckerleg (1980-81); Member Puerto Rico Bar. 'Section 402(a), Bankruptcy Reform Act, Pub. L. No. 95-598 (1978). 2See Hon. M. 'Caldwell Butler, United States Representative, Foreword to 1 CoLER ON BANKRUPTCY at vii (15th ed. 1981). 311 U.S.C. § 1121. 45 CoLLIR ON B~ANuwPrcy 1121.02, at 1121-5 (15th ed. 1981). 5See H.R. REP. No. 595, 95th Cong., 1st Sess. 231 (1977).

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