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Today's Terms
Debtor-in-possession
Definition:
The debtor which remains in control of operations; as opposed to having a trustee operate the company.
Trustee
Definition:
An agent of the court who manages the property of the debtor for the benefit of the creditors. The court appoints a trustee in most Chapter 7 cases and in Chapter 11 cases when it determines that the debtor's management should not remain in control.
Cash collateral
Definition:
Cash and cash equivalents held by the debtor in Chapter 11 subject to liens of other parties.
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