On Feb. 23, Belk Department Stores filed for Chapter 11 protection, with almost $2 billion in liabilities. Within one day, the court confirmed Belk’s Chapter 11 plan of reorganization. Of Chapter 11 mega cases involving debtors with more than $1 billion in liabilities filed from 2010 through 2019, only one other case (Sungard Availability Services Capital, Inc.) had a plan confirmed that quickly. Considering the head-spinning speed of the Belk confirmation, it felt like time to take a deeper look into confirmation trends in these mega cases.
Under 11 U.S.C. § 1121(c), debtors enjoy an exclusivity period of 120 days to file ...
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