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

Constellation Enterprises Objections Filed

0
0

The U.S. Trustee assigned to the Constellation Enterprises case and the Internal Revenue Service filed with the U.S. Bankruptcy Court separate objections to the Debtors’ motion for entry of an order dismissing the Chapter 11 case under certification of counsel.

The Trustee asserts, “The Dismissal Motion seeks approval of a procedure for allowance and payment of employee claims in a manner that is at odds with the Bankruptcy Code and Bankruptcy Rules and does not afford due process to employee claimants. Expediency and cost cannot justify eliminating procedural protections and due process.”

The objection continues, “The Dismissal Motion is silent as to the process for unsecured creditors’ claims to be allowed and paid by the GUC Trust, should the settlement with the Committee be approved, and does not require that payment to unsecured creditors be made prior to dismissal. Without the critical information regarding how the GUC Trust will be implemented, a determination that dismissal is in the best interest of the creditors cannot be made.”

Read more bankruptcy news.

The post Constellation Enterprises Objections 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