Unsecured Creditors Find Red Flags In Orchids Paper Ch. 11
Law360, Wilmington (April 26, 2019, 4:45 PM EDT) -- Unsecured creditors told a Delaware bankruptcy court Friday that Orchids Paper Products Co.'s Chapter 11 seems unfairly set up to benefit the private equity-backed prepetition lender that is serving as its stalking horse bidder.
In two objections filed in U.S. Bankruptcy Judge Mary F. Walrath's court, the official committee of unsecured creditors argued that the court should not grant final approval of debtor-in-possession financing terms or proposed bid protections, as the financing is insufficient and leaves the estate at risk of being administratively insolvent, and too many protections are being offered to a stalking horse bidder. Changes need to be made...
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