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.
