Philly News Lenders Escape 2019 Disclosure

By Nick Brown

Law360, New York (February 05, 2010, 3:26 PM ET) -- Further deepening the case law split on committee disclosures, a federal bankruptcy judge has denied Philadelphia Newspapers LLC's bid to apply Bankruptcy Code Rule 2019 to the steering group of prepetition lenders, garnering an immediate appeal to the district court from the debtors.

Taking a commonsense approach to what he called a “conundrum,” Judge Stephen Raslavich of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania said in an opinion Thursday that the basic language of Rule 2019 does not call for its application to...
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