Bicent Creditor Cries Foul Over 'Shortcuts' In Ch. 11 Plan

Law360, Wilmington (July 23, 2012, 10:43 PM EDT) -- Creditor Lea Power Partners LLC objected to Bicent Holdings LLC’s reorganization plan Monday, accusing the power plant operator of taking "shortcuts" that unfairly discriminate against unsecured creditors.

The plan improperly substantively consolidates the debtors and “gerrymanders” creditor classes to ensure a favorable vote on the plan, all to the detriment of unsecured creditors like Lea Power, according to an objection filed in Delaware bankruptcy court.

Colorado-based Bicent filed for court protection on April 23 with a prearranged plan to refinance $500 million of debt by handing...
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