Creditor's committee

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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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Cooley won Technology Deal of the Year in the $250 million+ category for advising the creditors committee on the restructuring of data management company Violin Memory and Chapter 11 Reorganization of the Year in the $250 to $500 million category for representing the creditors committee in the restructuring of retail company Rue21.
He is a member of NACM and is affirmer member of the board of directors of the American Bankruptcy Institute and is affirmer co-chair of ABI's Unsecured Trade Creditors Committee.
The group of 17 creditors unaligned with the official creditors committee said it "appreciates" the DL standalone plan but that all options, ostensibly including the US Airways takeover offer, should be explored.
According to the unsecured creditors committee the proposal is improper.
Dow Jones Newswires and others reported that a member of the committee, Daniel Loeb, CEO of New York-based hedge fund Third Point LLC and a vocal critic of Dreimann, said the goal of the creditors committee is a regime change.
Although the plan submitted to creditors for approval in December was unanimously supported by the Creditors Committee, the three bondholder members of the Creditors Committee subsequently voted against the plan due to intercreditor disagreements.
That creditors committee will no doubt retain its own counsel, and that creditors committee will most likely retain its own accounting firm for assistance.
In Amdura's case, the PBGC'S demand required attention on a par with that given to the unsecured creditors committee.
The Company has received assurances that none of its senior lenders represented on the Bank Creditors Committee have exited, or are proposing to exit, their loan position at this time (including Lloyds Bank).
He is a member of NACM and NACM's Government Affairs Committee and is a former member of the Board of Directors of the American Bankruptcy Institute and is a former co-chair of ABI's Unsecured Trade Creditors Committee.