Definitions for "debtor in possession"
A company that continues to operate while going through Chapter 11 bankruptcy proceedings.
A firm that is continuing to operate under Chapter 11 bankruptcy process.
In bankruptcy, refers to the debtor in a Bankruptcy Code Chapter 11 or Chapter 12 case. In a Chapter 11 case, for example, either the debtor will remain in control of its business or assets, or a trustee will be appointed to take control of the business or assets.