exit facility

exit facility
USA
exit financing, Also known as exit facility.
The financing provided to Chapter 11 debtors to allow them to emerge from bankruptcy. The availability of adequate exit financing is often a condition to confirmation of a plan of reorganization. Reorganized debtors use exit financing to pay creditors' claims under the plan and to fund their ongoing operations after bankruptcy.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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