Hearing on Debtor's Disclosure Statement Continued

The hearing on the Debtor's Disclosure Statement in support of its Amended Plan of Reorganization previously scheduled for June 6th was continued to July 11, 2013, at 10:00am in at Bankruptcy Courtroom, U.S. Courthouse, 17 South Park Row, Erie.

Objections Filed to Debtor's Disclosure Statement for Amended Plan

On or before May 30, 2013, several parties filed Objections to the Debtor's Disclosure Statement supporting its First Amended Plan of Reorganization.  The Committee filed an Objection, arguing in part that administrative claims are underestimated, the Debtor’s proposed treatment of creditors is not feasible, and the Debtor’s assets are severely depleted.  RBS filed an Objection, arguing in part that the claims on unsecured creditors are being artificially impaired, the revised financial projections do not support a feasibility finding, and the Plan includes improper third-party releases.  An Objection was also filed by the Ohio Department of Taxation, Ohio Bureau of Workers' Compensation and Ohio Department of Job and Family Services. 

Additionally, the Ohio Department of Taxation, Ohio Bureau of Workers' Compensation and Ohio Department of Job and Family Services and the Lake County Ohio Treasurer attempted to file Applications for Approval of Administrative Claims.  A hearing remains scheduled on the Debtor’s Disclosure Statement for Thursday, June 6, 2013 at 10am.