TMT Group Sent To Mediation With Secured Lenders

Law360, New York (November 08, 2013, 7:35 PM ET) -- A Texas bankruptcy judge on Thursday ordered TMT Group into mediation with its secured lenders in order to avoid extensive and costly litigation and come up with a consensual plan that will guide the shipping company out of Chapter 11.

U.S. Bankruptcy Judge Marvin Isgur told the secured lenders to select three candidates to mediate by Nov. 15 and TMT and its official committee of unsecured creditors to select one of the three candidates by Nov. 22. The lenders will pay for half the mediator’s costs...
To view the full article, register now.