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Optima Bankruptcy Objection Filed

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Progressive Steel Workers of Hammond (PSWH) filed with the U.S. Bankruptcy Court an objection to Optima Specialty Steel’s Disclosure Statement.

The objection asserts, “PSWH objects to the Motion on the basis that the Disclosure Statement fails to provide adequate information to permit interested parties to assess and vote upon the Plan. Specifically, the Disclosure Statement fails to provide adequate information regarding the Debtors’ proposed treatment of the Niagara LaSalle Corporation & LaSalle Steel Company Pension Plan, Amended and Restated Effective November 1, 2015 (the ‘Niagara LaSalle Pension Plan’).”

In addition, “While information contained in the Plan Supplement to the Debtors’ Plan of Reorganization (Docket No. 747) (‘Plan Supplement’) appears to reflect the Reorganized Debtors’ intended assumption of the Niagara LaSalle Pension Plan and continued performance of the Debtors’ obligations thereunder, ambiguities in the Disclosure Statement (and the Plan) make that unclear and thus inhibit PSWH’s ability to make an informed decision on the Plan.”

Read more Optima bankruptcy news.

The post Optima Bankruptcy Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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