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 ?
Victor and/or Matt Farnsworth, the Sales Agent for the Debtor and Debtor in Possession Development Specialists, Inc.
It is anticipated that the aggregate proceeds of the sale will be used by Dynasty Classics, as Debtor in Possession, to pay its secured creditors and its costs of Chapter 11 administration.
In February 1988, it filed a bankruptcy petition under Chapter 11 of the Bankruptcy Code and thereafter continued to operate the hotel as a debtor in possession.