Article 700 — Opening of Simplified Reorganization Proceedings

1/ The court shall open simplified reorganization proceedings, provided that: a) preventive restructuring proceedings are pending; b) the debtor demonstrates that the restructuring plan is supported by a large number of its creditors and is likely to be adopted by the required majority of creditors voting in the classes of creditors’ meetings or the general creditors’ meeting within simplified reorganization proceedings. 2/ In addition to the documents set out in Article 673 of this Code, the debtor shall submit: a) a copy of the judgment opening preventive restructuring proceedings; b) the draft reorganization plan agreed upon by its main creditors; c) all necessary documents showing the viability of the business under the reorganization plan.