Vertis is in the plan-effective stage of a prepackaged Chapter 11 restructuring: the restructuring was built around a jointly proposed plan, rather than an open-ended sale process, and the supplied record identifies no remaining hearing milestones. The plan framework contemplated repayment in full of allowed DIP lender claims from exit financing, with the related liens and security interests terminating upon that payment, placing the debtor on an exit-financing-led emergence path rather than a continuing DIP-funded case Joint Prepackaged Plans and Disclosure StatementDkt. 22.