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Sebring Software Enlarged Authority Approved

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The U.S. Bankruptcy Court approved Sebring Software’s expedited motion to enlarge the authority of its chief restructuring officer.

As previously reported, “The Debtors respectfully move the Court to enlarge the authority granted to their Chief Restructuring Officer, Margaret Smith of Glassratner Advisory & Capital Group, to allow her to approve of all matters related to confirmation independent of the Board of Directors of the Debtors.”

Court-filed documents continue, “Given the short timeline to confirmation and sale under the APA, appointment or election of a new board member following the resignation or recusal of Andersen, Tompkins, and Carrier is impractical. Indeed, given the Plan itself calls for dissolution of the Board of Directors; it would seem an effort in futility to appoint or elect a new director solely for the purpose of approving the Plan and APA. Instead, the Debtors request this Court enlarge the authority of the CRO to approve the Plan and APA and exercise further authority as necessary to confirm the Plan and effectuate the sale contemplated by the APA, without the additional formality of approval by a board of directors.”

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The post Sebring Software Enlarged Authority Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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