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Penn Virginia Objection Filed

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The U.S. Trustee assigned to the Penn Virginia case filed with the U.S. Bankruptcy Court a supplemental objection to its Second Amended Joint Chapter 11 Plan of Reorganization.

The Trustee asserts, “The exculpation provisions should not be extended to cover the Ad Hoc Equity Committee and its retained professionals because they are not fiduciaries of the Debtors….Accordingly, the exculpation provision should not apply to the Ad Hoc Equity Committee and its retained professionals or any other parties who are not estate fiduciaries or their professionals. The United States Trustee reserves her rights to object to other deficiencies at the hearing to the extent the Debtors file revised versions of the plan after the date hereof, including, without limitation, objecting on the grounds that any modification to the Amended Plan should require the re-solicitation of creditors consistent with Bankruptcy Rule 3019.”

Read more Penn Virginia bankruptcy news.

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