§2174 Confirmation

Summary

A special taxpayer can object when the court is asked to approve a reorganization plan. The court must approve the plan only if these things are true: it follows the parts of title 11 that apply here under section 2161; it follows this subchapter’s rules; the debtor is not legally blocked from doing what the plan requires; holders of claims listed in 507(a)(2) get cash equal to their allowed claim on the plan’s effective date unless they agreed to something else; any needed legislative, regulatory, or electoral approvals have been obtained or the plan is clearly tied to getting them; the plan is doable and is in creditors’ best interests compared to non‑bankruptcy remedies under the territory’s laws and constitution; and the plan fits the Fiscal Plan the Oversight Board certified under subchapter II. If a plan has only one class of similar, impaired claims under section 2161(e) and the other requirements are met, the court may approve it even if sections 1129(a)(8) and 1129(a)(10) of title 11 are not satisfied, as long as the plan is fair and not unfairly discriminatory.