ARCs to gather 51% creditor support
The new system moves away from creditors calling all the shots and lets company management stay in control, as long as they play by the rules with creditors.
The goal? Speed things up: resolving cases in 150 days, with a possible 45-day extension, instead of 330.
Asset reconstruction companies (ARCs) will also step in more, helping gather enough creditor support (51%) to kick off resolutions.
Overall, it is meant to help struggling companies recover faster, even as times are tough globally.
…