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Unsecured Creditors Blast ActiveCare's Fast-Track Sale

Law360 (August 10, 2018, 8:37 PM EDT) -- A committee of unsecured creditors on Thursday asked the Delaware bankruptcy court to halt diabetes patient monitoring company ActiveCare Inc.’s Chapter 11 sale plans, claiming there are problems with proposed financing, the stalking horse bid and the timing of the sale.

Objections filed by the official committee of unsecured creditors argue not enough time is being given to investigate whether the debtor’s proposed sale is the best option or to challenge proposed post-petition financing. The U.S. Trustee’s Office filed an objection on Wednesday echoing some of the same concerns.

The committee also raised red flags with ActiveCare’s debtor-in-possession financing and the...

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