Debtor Files Notice of Settlement with RBS and Motion to Stay Appointment of Trustee

On March 17, 2014, the Debtor filed a Notice with the Court indicating that a settlement had been reached with its primary secured lender, RBS Citizens Bank.  In conjunction therewith, the Debtor also filed a Motion to Stay Appointment of Ch. 11 Trustee stating that such an appointment is without cause or unnecessary given the settlement with RBS.  While the terms of settlement have yet to be fully disclosed, early indications are that general unsecured creditors will be paid in full.  The Debtor's agreement with RBS will be subject to a motion for approval by the Court, which will be forthcoming.