Major TMT Creditor Says Ch. 11 Case Filed In Bad Faith
By Matt Chiappardi
Law360, Wilmington (June 27, 2013, 9:36 PM ET) -- One of bankrupt TMT Group's major creditors, Mega International Commercial Bank Co. Ltd., objected Wednesday to the shipping firm's use of cash collateral, claiming the Chapter 11 case had been commenced in bad faith and in a “manufactured jurisdiction.”
Mega Bank, owed more than $415 million by TMT and affiliates, contends the shipping firm must be stopped from using the cash collateral because the action couldn't easily be undone if the court wound up deciding the case was filed in bad faith, according its motion filed...