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Today's Terms
Cash collateral
Definition:
Cash and cash equivalents held by the debtor in Chapter 11 subject to liens of other parties.
Disclosure statement
Definition:
A comprehensive disclosure document sent to creditors when they are asked to vote on a plan of reorganization in Chapter 11.
Absolute priority
Definition:
The order of payment to the different classes of creditors mandated by the Bankruptcy Code. In theory, claims with higher priority are paid in full before other claims receive anything
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