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 ?

Paulo Narcelio SimE[acute accent]es Amaral, Chief Executive Officer of OGX, declared: We are very pleased to have reached agreement on the terms of the debtor-in-posession financing, which will allow us to repay the Bridge Loan and fund continuing operations and commitments.

Brazil : OGX and creditors reach agreement on important first step to recapitalize the company

Linens now has access to $700 million debtor-in-posession financing, "which can be used to pay vendors, if necessary," a spokeswoman from the chain told HFN.