Law360, New York (November 04, 2009, 1:03 PM ET) -- U.S. Trustee Diana Adams has again taken up arms against the Reader's Digest Association Inc., this time arguing that the bankrupt media company's reorganization plan and disclosure statement should be rejected for failing to provide legal justification for “overly broad” nondebtor release provisions.
Adams filed an objection Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, arguing that the company's latest plan and disclosure statement — filed earlier Tuesday — doesn't adequately explain why the nondebtor releases are warranted or justified....
Trustee Balks At Reader's Digest Ch. 11 Plan
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