Chapter 11, entitled Reorganization, ordinarily is used by commercial enterprises that
desire to continue operating a business and repay creditors concurrently through a court-approved plan of reorganization.
The chapter 11 debtor usually has the exclusive right to file a plan of reorganization for the first 120 days after it files
the case and must provide creditors with a disclosure statement containing information adequate to enable creditors to evaluate
the plan. The court ultimately approves (confirms) or disapproves the plan of reorganization. Under the confirmed plan, the
debtor can reduce its debts by repaying a portion of its obligations and discharging others. The debtor can also terminate
burdensome contracts and leases, recover assets, and rescale its operations in order to return to profitability. Under chapter
11, the debtor normally goes through a period of consolidation and emerges with a reduced debt load and a reorganized business.