debtor in possession

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debtor in possession

n. in bankruptcy proceedings when a debtor has filed for the right to submit a plan for reorganization or refinancing under Chapter 11, and the debtor is allowed to continue to manage his/her/its business without an appointed trustee, that debtor is called a "debtor in possession." (See: bankruptcy)

References in periodicals archive ?
He has extensive experience in representing secured and unsecured creditors, debtors and debtors-in-possession and chapter 7 and 11 trustees in complex bankruptcy cases.
The litigation arose from a complaint filed against Ameriscribe in August 1991 by the Debtors and Debtors-in-Possession of New CPY, which filed for protection under Chapter 11 of the Federal Bankruptcy Code in July 1989, subsequent to its sale by Ameriscribe.
The company and its domestic and Canadian affiliates continue to operate their businesses as Chapter 11 debtors-in-possession.
Debtors and Debtors-In-Possession, have filed a First Amended Joint Plan of Reorganization dated Aug.
Debtors and Debtors-In-Possession, have filed a Joint Plan of Reorganization dated March 30, 1992 (the "Plan"), under Chapter 11 of the United States Bankruptcy Code.
The companies are operating as debtors-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code, and the directors and officers of each of the companies are expected to continue to oversee the operations of their respective company, subject to supervision and orders of the Bankruptcy Court for matters outside the ordinary course of business.