A Prepackaged Bankruptcy Strategy

What do the following businesses have in common—the nation's fifth‐largest hospital chain, based in Ohio; an oil company based in Louisiana; a historic destination resort hotel in Arizona; a high‐tech company with offices throughout the United States and Europe; and a casino located in Atlantic City, New Jersey? The answer is that all of these diverse businesses have used a “prepackaged” chapter 11 bankruptcy reorganization as a strategy for quickly emerging from chapter 11 with a minimum of the adverse effects of chapter 11 bankruptcy.