Sometimes a company has discussed a plan of reorganization with its creditors and has reached agreement in principal with its key constituents prior to a Chapter 11 bankruptcy filing, although the constituencies are not legally bound to act in any way (referred to as a "pre-negotiated plan"). In contrast, a "pre-packaged plan" is a bankruptcy plan of reorganization for which the requisite votes of creditors have been obtained prior to the Chapter 11 filing (generally conducted in parallel with an out-of-court exchange offer) and key constituents are legally bound to vote in favor of the plan. Use of pre-negotiated and pre-packaged plan of reorganizations can help to speed up the bankruptcy process.