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First NBC Bank Exclusivity Extension Sought

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First NBC Bank Holding filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 7, 2017 and December 7, 2017, respectively.

The motion explains, “The Debtor has only recently, i.e., in mid-July 2017, obtained access to its financial records. Furthermore, due to the limited financial resources of the Debtor since the Petition Date, the Debtor has been unable to retain any professionals to review the financial information and provide analysis needed for the development of a Plan….On August 18, 2017, the Debtor filed a motion for turnover of funds, i.e., nearly $600,000, currently in the possession of Whitney Bank [Doc. 91]. Assuming that motion, unopposed by Whitney Bank, is granted, the Debtor will soon have the resources available to retain professionals to perform certain analyses required for the development of its Plan.”

In addition, “The Debtor maintains that the possibility of competing plans would drive up administrative costs in this case to the prejudice of unsecured creditors who would ultimately bear such costs. Accordingly, extending the Exclusivity period is in the best interests of the Debtor, its estate and creditors.”

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The post First NBC Bank Exclusivity Extension Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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