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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Plaintiff-attorney-controlled asbestos creditors committees seek to impose lenient distribution procedures, setting standards for who gets paid what by the trust and helping to ensure claimants will be paid with minimal scrutiny of individual injuries or the asbestos defendant's tort liability.
This further points out the need to have creditors committees actively participate in as many reorganization cases as possible.
Exceptionally tasking, however, was the process of meeting the demands of external parties - the court, the 14-member bank group, three creditors committees, retiree committees, and their financial advisers and legal representatives.
In Amdura's case, the PBGC'S demand required attention on a par with that given to the unsecured creditors committee. After months of negotiation, we resolved the PBGC claim at some 25 percent of the original sum requested of each estate.