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RMH Franchise Holdings Retention Objection Filed

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Bank of America acting in its capacity as Administrative Agent, Collateral Agent and Letter of Credit Issuer filed with the U.S. Bankruptcy Court an objection to RMH Franchise Holdings’ motion for entry of an order authorizing the retention and employment of Mastodon Ventures as Investment Banker to the Debtors. The objection explains, “Agent does not consent to a carve out from its collateral to pay the Transaction Fee or Monthly fee to Mastodon….Mastodon should not receive the Transaction Fee if Debtors’ liabilities are reorganized through confirmation of a plan of reorganization. To the extent that a sale process is pursued, Agent would like to have input with respect to the person or entity engaged to sell its collateral and the terms of such engagement. Agent also objects to the employment to the extent that Debtors’ proposed engagement of Mastodon and GlassRatner are similar, if not identical. For example, both firms are proposed to assist Debtors in connection with a potential restructure, refinance and/or reorganization of Debtors’ assets and liabilities. Moreover, both forms are proposed to assist Debtors in connection with analysing and reviewing Debtors operations and financial condition, Agent objects to Debtors; employment of Mastodon to the extent that Mastodons’ engagement will overlap with or duplicate Debtor’s engagement of GlassRatner and the services that GlassRatner is to provide. Agent also notes that the services to be rendered by GlassRater are duplicative of financial advisory services provided by Mastodon prepetition.”

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The post RMH Franchise Holdings Retention Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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