12.8.3 Contents of a plan

The law should not prescribe what a plan may or may not contain. That follows from the confirmation criteria. A plan should in any event be able to bind all types of capital providers: shareholders, and unsecured, preferential, and secured creditors. It should also be able to provide for the differential treatment of equally ranked creditors as well as for the modification or elimination of creditors’ claims against third parties.

Where the plan seeks to bind parties that have rights of different kinds, voting on itshould take place in classes.