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First NBC Bank Bankruptcy Stipulation Filed

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First NBC Bank Holding filed with the U.S. Bankruptcy Court a proposed stipulation between the Debtor and the official committee of unsecured creditors.

According to documents filed with the Court, “The parties agree that the Court should enter an Order directing the United States Trustee to appoint a chapter 11 Trustee forthwith upon the Plan Deadline unless, prior to the Plan Deadline, the Committee and the Debtor jointly file with this Court a notice that they have reached an agreement on the terms of a consensual chapter 11 plan in this Bankruptcy Case. The Debtor shall not file any chapter 11 plan in this Bankruptcy Case prior to the Plan Deadline absent consent of the Committee, which consent shall not be unreasonably withheld or delayed; and, if such Plan is filed and is a Plan that the Committee elects to support, the Committee shall cooperate with the Debtor in obtaining confirmation of the Plan.”

In addition, “Nothing in the Order should limit or impair any party with standing to do so to file a chapter 11 plan, except as specifically set forth in this paragraph. Notwithstanding the foregoing, should the Committee elect to file its own Plan prior to the Plan Deadline, the Debtor shall immediately be free to file a Plan without the consent of any party including the Committee. The ‘Plan Deadline’ shall mean the date that is the earlier of (i) 120 days from the date of entry of the Order sought in this Stipulation, and (ii) the date that the Debtor files a notice with the Court that it consents to the appointment of a chapter 11 trustee earlier than 120 days from the date of entry of that Order.”

The Court scheduled a November 14, 2017 hearing to consider the motion.

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The post First NBC Bank Bankruptcy Stipulation Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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