§2174 Confirmation

Summary

A special taxpayer can object to approving a plan. The court must approve a plan if seven things are true: it follows the parts of bankruptcy law made applicable by section 2161 of title 48; it follows this subchapter; the debtor is not legally blocked from doing what the plan requires; unless a creditor agreed otherwise, holders of claims listed in 507(a)(2) of title 11 get cash equal to their allowed claim on the plan’s effective date; any needed legislative, regulatory, or voter approvals have been obtained or the plan is clearly conditioned on getting them; the plan is workable and is best for creditors (the court must check whether non‑bankruptcy remedies under the territory’s laws or constitution would give creditors more); and the plan matches the Fiscal Plan certified by the Oversight Board under subchapter II. The law also covers a situation where all requirements of subsection (b) and 11 U.S.C. 1129(a) (except 1129(a)(8) and 1129(a)(10)) are met for a plan that (1) treats all claims as substantially similar under section 2161(e), (2) has only one class of impaired claims, and (3) that impaired class did not accept the plan.