Board Resolution Authorizing Chapter 11 Filing

This legal template is a formal document that outlines a board resolution to authorize the filing of a Chapter 11 bankruptcy under United States law. A Chapter 11 bankruptcy is a legal process that allows companies to reorganize themselves and develop a plan to repay their debts while continuing their operations. The resolution signifies the decision made by the company's board of directors to pursue this particular form of bankruptcy protection. It typically includes essential details such as the reasons for seeking Chapter 11, the specific powers granted to the officers to undertake the bankruptcy proceedings, and any necessary provisions related to the process. This document serves as an official record of the board's actions and provides the required authorization for the management to initiate the Chapter 11 filing, ensuring compliance with applicable legal regulations and establishing the company's eligibility to enter the restructuring process.