Problem
What is normally required before a reorganization plan can be implemented?
a. The plan must be presented by the company, approved by two-thirds of each class of stockholders, and confirmed by the court.
b. The plan must be presented by the company, approved by three-fourths of each class of stockholders, and confirmed by the court.
c. The plan must be presented by the company and confirmed by the court.
d. The plan must be approved by two-thirds of each class of creditors, approved by two-thirds of each class of stockholders, and confirmed by the court.
e. The plan must be approved by each class of creditors and each class of stockholders, and confirmed by the court.