Creditor's committee

Creditor's committee

A group representing firms that have claims on a company facing bankruptcy or extreme financial difficulty.

Creditor's Committee

In bankruptcy, an ad hoc committee of creditors who have an interest in seeing as much debt as possible recovered from the person or company filing for bankruptcy.
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Under Section 1102 of the Bankruptcy Code, the United States trustee has the authority to appoint an official unsecured creditor's committee in a Chapter 11 case.
The "plan date" is the earliest of (1) the filing day with the court of the first plan of reorganization that is endorsed by a creditor's committee, (2) the filing day with the court of the first plan of reorganization for which a disclosure statement is approved by the court or (3) the first day on which the loss corporation has sufficient acceptances to a reorganization plan to assure acceptance of the plan under bankruptcy rules.
The transaction has the support of Enron's Official Unsecured Creditor's Committee and requires the approval of the Bankruptcy Court, which will oversee a bidding process that will be open to other potential purchasers.
Michael Blumenfeld, CEO of Collegiate Pacific, stated "we are submitting a proposal to the unsecured creditor's committee for Bike Athletics.
2 in collected accounts receivables, was rejected by Pliant's creditor's committee, represented by the Loomis Bond Fund.
The decision of the creditor's committee goes to the Moscow District Arbitration Court on Friday for confirmation and implementation.
The Creditor's Committee supported the Company in seeking approval of the sale.
The approval of the principal terms of the reorganization plan by the creditor's committee is a major step forward in our restructuring of the Company," said Michael O.
The company, the Creditor's Committee and the lender have also reached an agreement in principle relative to the terms of the reorganization plan.