Search for: "The Committee of Unsecured Creditors"
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29 Apr 2024, 9:05 pm
Why should the unsecured creditors committee automatically enjoy power in excess of what they have traditionally possessed, when the committee’s constituents are often out of the money? [read post]
8 Apr 2024, 7:28 pm
The standout feature of chapter 11 bankruptcy is that creditors are highly involved, forming a committee that will vote on issues relevant to the case. [read post]
18 Mar 2024, 5:23 pm
Unsecured creditors recovered $9.4 billion.[8] The Bankruptcy of a “Consignee” – Paddle8 Paddle8, founded in May 2011, aimed to be a leading online marketplace for contemporary art auctions, focusing on the middle market with artworks priced between $10,000 and $100,000.[9] By 2016, it had raised $44 million in funding over three rounds.[10] Despite its rapid annual growth, Paddle8 had never turned a profit and relied on debt financing for its operating expenses. [read post]
17 Jan 2024, 7:37 am
Additionally, while traditional Chapter 11 cases involve the formation of a creditors’ committee that plays a major role in developing the business’s reorganization plan, there is no creditors’ committee in most Subchapter V cases. 8. [read post]
19 Dec 2023, 9:05 pm
Unsecured debt of distressed companies is a popular investment for certain hedge funds, not least because it often allows the funds to serve on a distressed company’s unsecured creditors’ committee (UCC) shortly after the firm files for Chapter 11 bankruptcy. [read post]
2 Dec 2023, 10:40 am
Purdue Pharma and the Official Committee of Unsecured Creditors, a committee appointed by the trustee to represent the interests of creditors who do not hold a share of Purdue Pharma’s property, insist that they do not. [read post]
24 Nov 2023, 7:38 am
The idea behind the concept is that in international insolvency, English courts, where possible, should cooperate with foreign office holders to distribute assets to creditors. [read post]
29 Sep 2023, 3:31 pm
A committee of unsecured creditors, chaired by the Creditor, was appointed to oversee ECF’s activities. [read post]
30 Jun 2023, 5:42 pm
The additional benefits available under Subchapter 5 include no obligation to file a disclosure statement, no opportunity for creditors to file competing reorganization plans, no unsecured creditors’ committee, and no need for creditor consent—among others. [read post]
20 Jun 2023, 12:15 pm
The unsecured creditors committee in the case objected to the motion, arguing that the insurance proceeds of the D&O policies were property of the estate and that advancing defense costs to the directors and officers would deplete the coverage available to the debtor. [read post]
10 Jun 2023, 2:22 pm
Judge John Dorsey of the United States Bankruptcy Court District of Delaware rejected in part and ruled in favor in part of a motion Friday by bankrupt cryptocurrency trading company FTX’s debtors and the Official Committee of Unsecured Creditors requesting the company’s customer list stay private. [read post]
31 Mar 2023, 5:25 am
No Unsecured Creditors’ Committee In a traditional Chapter 11 reorganization bankruptcy, the debtor’s unsecured creditors are represented by a committee that advocates for their collective interests during the bankruptcy process. [read post]
15 Mar 2023, 2:15 pm
Yesterday FDIC posted updated FAQs on its website providing additional details for its depositors, borrowers and creditors. [read post]
15 Mar 2023, 2:15 pm
Yesterday FDIC posted updated FAQs on its website providing additional details for its depositors, borrowers and creditors. [read post]
10 Mar 2023, 12:54 pm
Ad Hoc Committee of OpCo Unsecured Creditors 22-772Issue: Whether an unwritten “solvent-debtor exception” overrides the Bankruptcy Code’s statutory text and allows creditors in solvent-debtor cases to recover amounts that the code disallows. [read post]
14 Jan 2023, 9:18 am
Certain debts, like taxes and support, are paid ahead of other unsecured creditors. [read post]
30 Dec 2022, 4:05 am
According to an Open Letter from the Official Committee of Unsecured Creditors recommending that abuse victims vote to accept the plan:Under the Plan, the Debtor, its affiliates and their insurers will create a settlement fund of approximately $121.5 million (the “Settlement Amount”) upon the effective date of the Plan. [read post]
15 Dec 2022, 8:00 am
December 2022 Clients, Friends, Associates: As we near the end of 2022, we have highlighted some recent industry updates that we believe may impact our clients. [read post]
15 Dec 2022, 4:00 am
December 2022 Clients, Friends, Associates: As we near the end of 2022, we have highlighted some recent industry updates that we believe may impact our clients. [read post]
12 Dec 2022, 1:05 am
Here, the debtors-in-possession (Campbell and Luke Records) and the estates’ Unsecured Creditors’ Committee (representing the creditors who were owed money) created a joint plan to pay the bankruptcy estates’ debts. [read post]
