Series 50: Confirmation Of The Plan

Confirmation of the Plan

The plan must meet seven requirements in order to be confirmed by the court:

1.Requirements of certain sections of Chapter 11

2.All requirements of Chapter 9

3.The court approves the fees that the municipality has arranged to pay professionals it has engaged to help with the case

4.The plan does not conflict with any laws

5.The plan provides for claimholders to be paid a determined amount for their claims

6.Any necessary approval required outside the court has been received

7.The plan is both feasible and in the best interest of the claimholders

In this case, “best interest” means that the pl