This panel explores the trend of private-equity firms and hedge funds favoring out-of-court workouts (with or without a pre-packaged or pre-arranged bankruptcy case) rather than traditional chapter 11 cases for achieving their restructuring goals. The panel also debates whether the Chapter 11 Reform Commission’s recommendations adequately address such issues. Cases discussed include Tribune Co. fraudulent conveyance litigation, Sun Capital, ICL Holding and Sabine Oil & Gas Corp., et al.