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Roust Objection Filed

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The U.S. Trustee assigned to the Roust case filed with the U.S. Bankruptcy Court an objection to the Debtors’ Plan.

The objection asserts, “A little over three years after emerging from their last expedited prepackaged bankruptcy case filed in the District of Delaware, the Debtors, in unprecedented fashion, request that this Court, in essence, rubber stamp what can more properly be characterized as a pre-petition bankruptcy case. While the Bankruptcy Code authorizes pre-packaged bankruptcy plans, it does not authorize pre-petition bankruptcy cases such as the one proposed herein, which avoid scrutiny and the procedural protections of the bankruptcy process. Without even a formal request to shorten notice of the statutorily established deadlines for confirmation in their solicitation procedures motion, the Debtors seek expedited approval of confirmation of their proposed pre-petition bankruptcy cases.”

In addition, “The Debtors expect this Court to approve confirmation of their Plan and Disclosure Statement less than a week after they filed their bankruptcy cases on the Friday of a holiday weekend. In further unprecedented fashion, parties in interest were directed to file objections, if any, to the Plan and Disclosure Statement – which with the supporting documentation spanned thousands of pages – before the cases were filed as the proposed objection deadline for confirmation was set for 4:00 p.m. in the afternoon of the Petition Date.”

Read more Roust bankruptcy news.

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