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Reorganization

From lawbrain.com

The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent.

Reorganization is ordinarily accomplished by way of a judicial sale of the property of the corporation. The purchasers then often form a new corporation to which substantially all assets of the old are transferred.

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