§ 27-1-25 - Decree approving reorganization plan – Binding effect. - Rhode Island Statutes

SECTION 27-1-25

   § 27-1-25  Decree approving reorganizationplan – Binding effect. – Upon the hearing, the court shall determine the regularity of all proceedingstaken under this chapter in connection with the plan as originally submitted oras amended and the fairness and equity of the plan, and may enter anappropriate decree. Upon entry of any decree by the court approving acompromise or arrangement and any reorganization as a consequence of acompromise or arrangement, then the compromise or arrangement and anyreorganization as a consequence of the compromise or arrangement shall bebinding upon the company, on every other company issuing securities oracquiring property under the reorganization, and on all creditors andstockholders of the company, whether or not the creditors and stockholders areaffected by the reorganization or have accepted it or have filed proofs oftheir claims or interests and whether or not their claims or interests havebeen scheduled or allowed or are allowable.