NetVersant Ch. 11 Trustee Seeks Delay Of Asset Sale

Law360, New York (December 4, 2008, 12:00 AM EST) -- The U.S. trustee overseeing NetVersant Solutions Inc.'s Chapter 11 case wants to halt the auction of the bankrupt company's assets, saying the proposed schedule is being rushed in favor of prepetition lenders.

In a motion filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware, U.S. Trustee Roberta DeAngelis said the lenders were conditioning their promise of post-petition financing on the timing of the sale and the identity of the successful bidder.

Calling for an order denying NetVersant's proposed auction date of Dec. 17,...
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