A trustee appointed by the bankruptcy court to take control of the debtor’s assets in a Chapter 11 case.
The debtor is entitled to remain in possession and control of its property unless a Chapter 11 trustee is appointed or the case is converted to Chapter 7. A Chapter 11 trustee may be appointed if the debtor is guilty of fraud, dishonesty, mismanagement, or incompetence, or if appointment of a trustee would be in the best interests of creditors, equity holders, and other interests of the bankruptcy estate. The Chapter 11 trustee has the responsibility for the operation of the business and the formulation of a Chapter 11 plan. Only a clear showing of improper conduct by the debtor, impending disaster, or other substantial “cause” will persuade the court to appoint a Chapter 11 trustee.
Bankruptcy Code § 1104. See also Examiner.