Reorganization

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Reorganization

The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent.

Reorganization is ordinarily accomplished by way of a Judicial Sale of the property of the corporation. The purchasers then often form a new corporation to which substantially all assets of the old are transferred.

Cross-references

Bankruptcy.

reorganization

n. the implementation of a business plan to restructure a corporation, which may include transfers of stock between shareholders of two corporations in a merger. In bankruptcy, a corporation in deep financial trouble may be given time to reorganize while protected from creditors by the bankruptcy court. The theory is that if the business is able to get on its feet the creditors will eventually collect. (See: corporation, merger, bankruptcy)

References in periodicals archive ?
Reorganized and redesignated 15 September 1944 as the 10th Military Police Criminal Investigation Section.
According to the company, the reorganized Accuride will complete a $140 million rights offering of new senior unsecured convertible notes to current noteholders.
The Enemy Is Here!: A Reorganized Synthesis of The War Is Now!, January 1977-August 1994 by Hutton Gibson Christian Book Club of America.
In fact, when President Valeriana Mollar reorganized the college six years ago, her first move was to create a new position--Dean of Community Education and Workforce Development.
The unsecured class of creditors will also receive 95% of the common shares of the reorganized company.
A few years ago, it reorganized into two structures: Large Business and Specialty Programs (LBS) and General Appeals.
Essentially, this is a graphical organizer, enabling users to create concept webs and maps in the Diagram View mode, with the aid of over 1300 symbols, if they like; at the click of a button, this information is reorganized into outline form, in the Outline View mode.
The subcommittee presented a reorganized draft to the full committee for its review.
Management has been reorganized to spread de Gournay's responsibilities among several managers.
President Kazuo Asada on Wednesday urged employees of his reorganized company and its 49 new subsidiaries to bolster solidarity in order to ensure strong competitiveness based on quick decision-making.
Kinki Osaka Bank and Nara Bank will be reorganized into Osaka Resona Bank and Nara Resona Bank, respectively, after 2004.
Rockford's business-critical ERP applications, which require 24 x 7 operation, were at risk because their performance eroded over time as the database underwent numerous updates without being reorganized. Additionally, the database continued to grow while the number of database administrators decreased.