The U.S. Trustee assigned to the Global A&T Electronics case and JPMorgan Chase & Co. filed with the U.S. Bankruptcy Court separate objections to the Company’s Joint Chapter 11 Plan of Reorganization.
The Trustee asserts, “The debtors, in their apparent haste to enter and emerge from Chapter 11, have set in motion a schedule that would enable them to race through the Chapter 11 too quickly to enable parties-in-interest, governmental agencies, and the Court sufficient time to evaluate – let alone respond or object to – the Plan. While the Bankruptcy Code authorizes pre-packaged bankruptcy plans in which much of the activity precedes the filing of the Chapter 11 petition(s), it does not authorize debtors to short-circuit the bankruptcy process so as to avoid post-petition scrutiny or to violate basic principles of due process. Without even a formal request to shorten notice of the statutorily established deadlines for confirmation in their solicitation procedures motion, the Debtors seek expedited approval of confirmation of their proposed pre-petition bankruptcy cases.”
In addition, “The Debtors ask this Court to approve confirmation of their Plan and Disclosure Statement a mere four (4) days after they filed their bankruptcy cases. Moreover, those parties-in-interest fortunate enough to be aware of the filing of these Chapter 11 cases were saddled with a deadline to object to the Plan and Disclosure Statement – as well as lengthy supporting documentation – by 12:00 noon in the afternoon of Tuesday, December 19 – two (2) days after the Petition Date. Although the Debtors secured consent to the Plan from most of its creditors prior to the Petition Date, the Plan contains provisions that render it unconfirmable because it does not comply with applicable provisions of the Bankruptcy Code. Specifically, the Plan contains overbroad and impermissible release and exculpation provisions.”
Read more Global AT&T Electronics bankruptcy news.
The post Global A&T Electronics Bankruptcy Objections Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.