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PFO Global Bankruptcy Plan Support Agreement Filed

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PFO Global’s Chapter 11 trustee filed with the U.S. Bankruptcy Court a motion to approve a plan support agreement.

According to documents filed with the Court, “The terms of the Plan Support Agreement needed to address this dilemma reference how prospective funds that may be administered as the result of a confirmed plan regarding all or more likely some subset of the Debtors is detailed as follows: The Trustee shall use commercially reasonable efforts to: i) secure the entry of orders necessary to secure Bankruptcy Court authority for items detailed in 1(a) and 1(b) below; and ii) file a Disclosure Statement and Plan of Reorganization for all of the Debtor Estates, which incorporates the treatment provisions detailed in 1(c) through 1 (h) below with regard to funds held in the PFO Global, case, the Hillair Funds, the funds from the 364 Borrowing Motion and funds as otherwise may be available for distribution from the other Debtors Estates (hereinafter the ‘Prospective Plan Funds’) in the order stated therein: (a) the Trustee has in his control, a $35,000 fund arising from the settlement agreement between the Debtors and Hillair Capital Investments, [Dkt. No. 167, 242, 265] (the ‘Hillair Funds’).”

In addition, “The Trustee will file a motion and seek an order approving the transfer of the Hillair Funds to ROMC to serve as a post-petition retainer, which retainer will be subject to this district’s local rules on interim application, as well as final allowance authority; (b) the Trustee will file and seek an order approving the employment of RBSM and the ability to utilize $15,000 of the 364 Borrowing, assuming the 364 Borrowing Motion is approved by the Bankruptcy Court, to serve as a post-petition retainer for RBSM, which retainer will be subject to this district’s local rules on interim application, as well as final allowance authority; (c) $12,500 of the Prospective Plan Funds shall be allocated to reimbursing all mailing, notice, copying and other out-of-pocket expenses related to the Trustee’s Anticipated Disclosure Statement and Plan: (d) $15,000 to ROMC with regard to its final fee award; (e) $25,000 to Trustee for costs and fees, to the extent not otherwise payable from existing funds in the Participant Debtor Estates, upon allowance of Trustee’s administrative expense claim; (f) a minimum of $147,500 plus any excess of any retainer not awarded or portion of funds for the Trustee not required to be utilized for the costs or fees or other requirements noted above from those Participant Debtor Estates which have a plan confirmed, will collectively be a pool for all allowed fees and expense of Professional’s administrative claims.”

Read more PFO Global bankruptcy news.

The post PFO Global Bankruptcy Plan Support Agreement Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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