Pre-Packaged Distress Strategies and Ethics of Accelerated Corporate Restructuring. LAW 661 – Advanced Bankruptcy Law Concept: What is a Prepackaged Bankruptcy? Front: Define a “prepackaged bankruptcy” and its key characteristics. Back: A prepackaged bankruptcy (or “prepack”) is a Chapter 11 filing where the debtor negotiates and secures creditor support for a reorganization plan before filing.…