Since most creditors have agreed to the plan, court approval is likely.

The creditors agreed to provide some information to the team, the people added.

All three credit bureaus and many major creditors have agreed to accept the affidavit.

After the vote, the Korean creditors agreed to wait two weeks before going to court to get the legal process rolling.

The creditors, he said, have "agreed in principle" to support his company's bid.

But the deal will work only if enough creditors, in Mexico's case 90% of them, agree to new - that is, worse - loan terms.

This makes creditors much less likely to agree to private work-outs.

The company also hopes creditors will agree to exchange existing notes for new ones in addition to stock and equity rights.

The creditors and the minority shareholders agree in principle on a solution.

Once the creditors and the presiding judge agree to a plan, the company can end the court proceedings.