An agreement and plan of reorganization is a legal provision under which a company enters into an arrangement with its creditors to reorganize its debts and gain some concessions in form of relaxation in interest rates or time period. An organization in times of financial stress may opt for this reorganization in order to relieve it from some pressure of due loan and enter into a reorganization exercise wherein the loan repayment be delayed for some time or reduced to some extent depending upon the negotiations.
An agreement and plan of reorganization essentially consists of clause such as the reorganization specifics, the new terms and conditions, the relaxations provided to the borrower and the time period in which the reorganization has to take place. Apart from this it also contains the rights of each of the parties involved along with legal remedies in case of any default by any party concerned.
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