Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Pacific Sunwear of California Objection Filed

0
0

The U.S. Trustee assigned to the Pacific Sunwear of California case filed with the U.S. Bankruptcy Court an objection to Pacific Sunwear of California’s Joint Plan of Reorganization.

The objection explains, “The Debtors’ Plan is not confirmable because it contains excessively overbroad, non-consensual, third party releases and debtor releases that are contrary to applicable law. The non-consensual third party releases benefit non-debtor parties that may number in the thousands, and are deemed to be given by non-debtors parties that may also number in the thousands, when all affiliated parties are considered. Among these Releasing Parties are many who will not receive any distribution in these cases, have no right to vote on the Plan or to opt-out of giving releases, and are likely not to even be notice parties in these cases….The Plan is also not confirmable due to its inclusion of excessively broad Debtor releases, which cover numerous parties who do not appear to have made a substantive contribution to the Debtors’ plan.”

Read more PacSun bankruptcy news.

The post Pacific Sunwear of California Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images