In this chapter--
        (1) ``debtor in possession'' means debtor except when a person 
    that has qualified under section 322 of this title is serving as 
    trustee in the case;
        (2) ``substantial consummation'' means--
            (A) transfer of all or substantially all of the property 
        proposed by the plan to be transferred;
            (B) assumption by the debtor or by the successor to the 
        debtor under the plan of the business or of the management of 
        all or substantially all of the property dealt with by the plan; 
        and
            (C) commencement of distribution under the plan.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2626.)


                      Historical and Revision Notes

                        senate report no. 95-989

    This section contains definitions of three terms that are used in 
chapter 11. Paragraph (1) defines debtor in possession to mean the 
debtor, except when a trustee who has qualified in serving in the case.
    Paragraph (2), derived from section 229a of current law [section 
629(a) of former title 11], defines substantial consummation. 
Substantial consummation of a plan occurs when transfer of all or 
substantially all of the property proposed by the plan to be transferred 
is actually transferred; when the debtor (or its successor) has assumed 
the business of the debtor or the management of all or substantially all 
of the property dealt with by the plan; and when distribution under the 
plan has commenced.
    Paragraph (3) defines for purposes of Chapter 11 a public company to 
mean ``a debtor who, within 12 months prior to the filing of a petition 
for relief under this chapter, had outstanding liabilities of $5 million 
or more, exclusive of liabilities for goods, services, or taxes and not 
less than 1,000 security holders.'' There are, as noted, special 
safeguards for public investors related to the reorganization of a 
public company, as so defined.
    Both requirements must be met: liabilities, excluding tax 
obligations and trade liabilities, must be $5 million or more; and (2) 
the number of holders of securities, debt or equity, or both, must be 
not less than 1,000. The amount and number are to be determined as of 
any time within 12 months prior to the filing of the petition for 
reorganization.