The following is a brief overview of the steps that are expected to take place as REA NET moves through the Chapter 11 process of reorganization. The filing prevents pressure from collections against the company and frees time to restructure the organization.
All Internet services remain operational.
A creditor committee will be formed to work with the company on restructuring and becoming profitable. REA NET begins work on the new business plan with the help of a hired consulting firm, Gartner Consulting, a leading consulting firm in Internet Technology. Restructure and Emergence REA NET submits a proposed plan of reorganization for approval of creditors and the bankruptcy court. Creditors and the Bankruptcy Court have the opportunity to review the plan. Upon creditor approval, the Bankruptcy Court confirms the plan of reorganization and sets a date for the company to emerge from Chapter 11.