This glossary includes terms that are frequently used when discussing the Chapter 11 reorganization process.

AUTOMATIC STAY
The filing of a Chapter 11 petition automatically triggers a halt or stay in the continued prosecution of pending lawsuits and the commencement of new lawsuits based on pre-filing conduct. This would include all asbestos-related litigation.

BANKRUPTCY CODE
The federal bankruptcy statute is commonly referred to as the Bankruptcy Code.

BANKRUPTCY COURT
A unit of the United States District Court (federal court) specializing in the handling of Chapter 11 reorganization cases.

CLAIM
A right to payment, either fixed or not, contingent, liquidated, disputed or matured.

CLASS OF CREDITORS
A group of creditors entitled to similar treatment under a Chapter 11 plan.

CREDITOR
A party, such as a supplier, bank lender or bondholder, to whom a debt is owed.

DEBTOR
A person or company who files a voluntary petition or against whom an involuntary petition is filed.

ESTATE
The estate of a company filing for Chapter 11 includes all assets of the company, i.e. all assets of the debtor including those which are located outside the United States.

EXCLUSIVITY PERIOD
The 120-day period of exclusivity, after the filing of a Chapter 11 petition, during which time the debtor is the only party able to file a Chapter 11 reorganization plan. The exclusivity period may be extended or shortened by the court. Typically, in large Chapter 11 cases such as this one, the exclusivity period is routinely extended.

PROOF OF CLAIM
Proof of claim is the form filed with the court or claims agent designated by the court setting forth a pre-filing claim.

REORGANIZED DEBTOR
The debtor company after it has confirmed a Chapter 11 reorganization plan and is no longer in Chapter 11.

SCHEDULES OF ASSETS AND LIABILITIES
Lists of assets and liabilities, which every debtor is required to file with the court.