7 Collier on Bankruptcy P 1129.03

Summary

The Code anticipates that not all reorganizations will proceed with the assent of all participants. The first nod in this direction is the majority rules contained in section 1126; although the consent of all impaired classes is necessary for consensual confirmation,1 a class need not have voted unanimously for it to have consented.2

Congress also anticipated that, for diverse reasons, confirmation may be desirable when one or more classes refuse to accept the plan. This will most often be the case when a junior class—such as equity ...