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SquareTwo Financial Bankruptcy Agreement Filed, Plan Administrator Named

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SquareTwo Financial filed with the U.S. Bankruptcy Court an administrator agreement, which notes, “Thomas M. Kim of r2 advisors, LLC is hereby appointed to act as the Plan Administrator under the Plan for the purposes, and upon the terms and conditions, specified herein. The Plan Administrator shall be a fiduciary of each of the Dissolving Debtors. The Plan Administrator shall be the sole director, manager or managing member, as applicable, of each of the Dissolving Debtors from and following the Effective Date. The members of the boards of the Dissolving Debtors prior to the Effective Date shall have no continuing obligations to the Debtors on and after the Effective Date and each such member shall be deemed to have resigned or shall otherwise cease to be a director of the applicable Debtor on the Effective Date.”

In addition, “From and after the Effective Date, each of the Dissolving Debtors shall be managed and administered through the Plan Administrator, who shall be the sole officer of each of the Dissolving Debtors and shall have full authority to administer the provisions of the Plan….The Plan Administrator shall establish and fund the Wind Down Account from all Cash of the Debtors as of the Effective Date, plus any Cash received by the Dissolving Debtors on and after the Effective Date, including the Closing Purchase Price, the remainder of the Purchase Price, if any, in accordance with the terms of the Plan Funding Agreement, all Cash received pursuant to the TSA, and any Cash remaining in the Escrow to the extent it is entitled thereto under and in accordance with the terms of the Plan Funding Agreement. The Plan Administrator shall oversee the Wind Down and shall make, or delegate the power to make, distributions to, and otherwise hold all property of the Estates for the benefit of, those holders of Allowed Claims that is consistent with and in accordance with the Plan and the Confirmation Order.”

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The post SquareTwo Financial Bankruptcy Agreement Filed, Plan Administrator Named appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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