Getting Public Information In Chapter 11

Companies in Chapter 11 must publicly report substantial financial information — indeed, more information should be reported or available publicly in Chapter 11 than outside of Chapter 11. This paper analyzes what information must be publicly reported or disclosed under the securities laws, the Bankruptcy Code and Bankruptcy Rules; what debtors do to minimize public reporting; and what creditors can do to get the public reporting they deserve.

Debtors May Stop Public Reports Under the Securities Laws.

The Securities Exchange Commission (SEC) and its staff have stated that the disclosure and reporting requirements of the Securities Exchange Act of 1934 (the "Exchange Act") and the rules and regulations thereunder continue to apply to Chapter 11 debtors with publicly traded securities.¹Therefore public Chapter 11 debtors must continue to file annual reports under Form 10-K, quarterly reports on Form 10-Q and reports of material events on Form 8-K.