Cecil Bancorp filed with the U.S. Bankruptcy Court a motion to modify the Company’s Plan of Reorganization. T
he motion explains, “Under the Plan, only two classes of creditors are eligible to cast ballots, Class 1 – the TruPS Holders and Class 5 – the United States Treasury as the holder ofcertain interests under the Troubled Asset Relief Program (‘TARP’)….On the Closing Date, the holders of Allowed TruPS Claims shall convey their interest in the TruPS Securities to the Debtor in consideration of payment of the Class 1 Legal Fee Allowance and their pro rata share of the greater of a) $1,000,000 or b) the Auction Proceeds.”
Objections to the Plan and any final objections to the Disclosure Statement are due by September 29, 2017. The Debtor requests that the Court confirm the Debtor’s Plan, with the modifications set forth in paragraph 10, at the October 3, 2017 confirmation hearing.
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