Claims Traders Set Up Committee In Interstate Case

Law360, New York (October 5, 2006, 12:00 AM EDT) -- Claims traders against Interstate Bakeries Corp. have chosen an uncommon path by forming an ad hoc committee to assert their interests in the bakery’s Chapter 11 proceedings.

The unofficial committee is made up of investors who have purchased more than $50 million in trade creditors’ claims against the Twinkie maker, according to attorney Evan D. Flaschen of Bingham McCutchen, which represents the committee.

While creditors of bankrupt companies typically form committees to carry more weight in Chapter 11 proceedings, claims traders rarely establish committees of their...
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