Committee - ATP Oil & Gas Corporation
Final restructuring documents were sent to unsecured creditors
on Wednesday and a meeting with bankers is scheduled to take place in Dubai on May 15, two sources familiar with the negotiations said, speaking on condition of anonymity as the information isn't public.
Bankruptcy Judge Albert Radcliffe in Eugene required Country Coach to file a list of its top 20 unsecured creditors
Delta Air Lines should "consider methodically, proactively and fairly strategic alternatives to its standalone Chapter 11 plan," a group of "unofficial" unsecured creditors
said last week in a statement.
The plan states that unsecured creditors
with claims of less than USD50,000 would receive 10%, up to USD5,000, while unsecured creditors
with claims larger than USD50,000 will receive stock in the merged airline, The Associated Press reported.
In a Chapter 7 liquidation, after the secured creditors are paid, unsecured creditors
are paid strictly according to their Bankruptcy Code Section 507 priority class.
Creditors want to have the ability to challenge any plan that doesn't pay unsecured creditors
Alexander's also announced that it had entered into an agreement with the Official Committee of Unsecured Creditors
on terms for an extension of up to March 31, for the final payment of approximately $28 million due general unsecured creditors
under the company's plan of reorganization.
To satisfy the exception's de minimis requirements, unsecured creditors
must emerge with at least 15% of the value of debtors' outstanding stock.
For example, unsecured creditors
cannot receive any monies for their prior claims.
A sale of the assets of ERG itself would not realize sufficient cash to satisfy any of the unsecured creditors
CHICAGO -- Levenfeld Pearlstein's bankruptcy group has proven that Chapter 11 matters can be resolved quickly and efficiently for both secured and unsecured creditors