This course examines the reorganization of a financially distressed company under chapter 11 of the Bankruptcy Code. Among other things, the course follows a fictitious company through several stages of a business turnaround and financial restructuring, including an out-of-court workout, a chapter 11 filing, selected chapter 11 operating issues, and the negotiation, formulation and confirmation of a plan of reorganization. In addition, the course follows developments in several actual pending chapter 11 cases, primarily through reports in the media. For example, in the past few years the course has examined various issues as they arose in the Adelphia, Delta Airlines, Enron, PG&E, Refco and United Airlines chapter 11 cases, among others.