Rocket Docket in Georgia
Following GM and Chrysler’s lead, Caraustar Industries zoomed through its Chapter 11 reorganization at light speed. From start to finish, it took just 65 days – a record for a bankruptcy in the Northern District of Georgia.
While the pace is impressive, it’s doubtful that this trend can hold. Pre-pack bankruptcies have their advantages, but putting the horse before the court won’t work in many cases where there are too many claims and too big of a debt load to mash into one concise package at hyperspeed. In those cases, something has to give, and it’s usually time.
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