The “Super Speedy Prepack” Has Arrived… Is That a Big Deal?

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Prepackaged (“prepack”) Chapter 11 filings have been prevalent in the last few years but it wasn’t until this year that we saw the debut of the “super speedy prepack," that is, a prepackaged filing that runs the course of reorganization in Usain Bolt-like time — let’s say a month or less from filing to emergence. It started in early February with FULLBEAUTY Brands, a prepack that had its plan confirmed within one day of filing and emerged from Chapter 11 three days later. If records were made to be broken, FULLBEAUTY didn’t hold its place in the record books for very long. Sungard Availability Services filed a prepack on May 1 and had its plan of reorganization confirmed within 19 hours of filing — one hour faster than FULLBEAUTY — and emerged from bankruptcy in less than two days. It was strange to see business media stories that covered these cases measuring their duration in terms of hours.

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