Patriot National’s official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the Company’s financing motion.
The committee asserts, “As of the filing of this Objection, the Committee has been in existence for only ten (10) days (inclusive of Presidents’ Day). Moreover, the Committee’s proposed financial advisor, which has been engaged for only five (5) days, has only been recently afforded access to a data room and will not be able to meet with the Debtors’ professionals until after the filing of this Objection. By contrast, many of the Debtors’ professionals have been involved in these matters for four months or longer. Against this backdrop…the Committee requests that the Court adjourn the DIP Motion for a minimum of two weeks.”
In addition, “This adjournment will permit the Committee to engage in a meaningful dialogue with the Debtors and their proposed DIP lenders regarding the relief requested in the DIP Motion and, hopefully, reach a consensus on, among other major issues, the proposed case milestones, releases, challenge period, and roll-up of prepetition debt.”
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