Personal Communications Creditors Seek To Probe Lenders

Law360, New York (October 01, 2013, 7:10 PM ET) -- Unsecured creditors of Personal Communications Devices Inc. on Friday asked a bankruptcy judge to allow them to investigate the telecommunications company’s second-lien lenders, who are also its majority equityholders.

In a motion under Rule 2004 of the U.S. Bankruptcy Code, the official committee of unsecured creditors said its ability to properly assess the company’s finances hinges on its access to certain documents and testimony from the second-lien lenders, who the committee said might have attempted to turn their equity into debt, to the detriment of the...
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