§2174 Confirmation

Summary

A special taxpayer can object to approving a plan. The court must approve the plan if seven things are true: (1) it follows the bankruptcy rules from title 11 that apply here; (2) it follows the rules in this subchapter; (3) the debtor is allowed by law to do what the plan requires; (4) holders of claims listed in section 507(a)(2) of title 11 get cash equal to their allowed claim on the plan’s effective date unless they agreed to something else; (5) any needed legislative, regulatory, or voter approvals have been obtained or the plan is clearly conditioned on getting them; (6) the plan is workable and is in creditors’ best interest — the court must check whether non‑bankruptcy remedies in the territory would give creditors more; and (7) the plan matches the Fiscal Plan certified by the Oversight Board under subchapter II. If all the items above and the parts of section 1129(a) of title 11 that apply here (except 1129(a)(8) and 1129(a)(10)) are met for a plan that (a) treats all claims as substantially similar under section 2161(e), (b) has only one class of impaired claims, and (c) that impaired class did not accept the plan, the statute treats that plan under these confirmation rules.