An essential part of the chapter 11 process is constructive dialogue and negotiation among all stakeholders involved in the bankruptcy case, with a view toward building a consensus on the terms of a confirmable chapter 11 plan. The Bankruptcy Code establishes a framework to promote such interaction by providing for the appointment of official committees of creditors and shareholders entrusted by statute with the duty to participate in the formulation of a chapter 11 plan.
Collective stakeholder participation in a chapter 11 case, however, extends beyond membership on committees officially sanctioned by the Bankruptcy Code. Unofficial, or "ad hoc" committees, have also long played prominent roles in bankruptcy cases....
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