In 2009, during the worst financial crisis since the Great Depression, businesses, financial institutions and the U.S. government called upon and tested the creativity and power of the Bankruptcy Code to help save some of the country’s largest corporations and, perhaps, the overall global economy.
Without the ability to tap credit markets in any material way, companies resorted to quick asset sales and pre-packaged bankruptcies that sped through the court system. As a counter-balance, strong and aggressive assertion of creditors rights culminated in court rulings that have yet to be resolved.
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