Bankrupt TMT Dodges Creditors' Bad Faith Complaints
By Jeremy Heallen
Law360, Houston (July 19, 2013, 5:24 PM ET) -- A Texas bankruptcy judge said Thursday that TMT Group could pursue Ch. 11 proceedings and charted the course for the global shipping company to access cash collateral, sinking a complaint by creditors that the case had been filed in bad faith.
U.S. District Judge Marvin Isgur ruled that all but two of TMT’s 23 affiliates seeking bankruptcy protection properly filed Ch. 11 petitions that landed in his court and that he would consider granting the shipper’s request to spend cash held in frozen bank accounts, this...