To execute its recapitalization, CWT expects to file for a prepackaged Chapter 11 bankruptcy reorganization as soon as this month. Legal experts see signs supporting the company's view that it will emerge on solid footing.

In a "prepack," a company aims to quickly fulfill the bankruptcy legalities, achieve approvals and get back to business. A large portion of creditors agree to the plan in advance.

"Instead of filing bankruptcy, negotiating with creditors, proposing a plan and then seeking votes, the plan is . . .

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