Committee Opposes Releases In Orchids Ch. 11 Proposal
Law360 (October 11, 2019, 5:48 PM EDT) -- The unsecured creditors of bankrupt paper maker Orchids Paper Products Co. claim its proposed Chapter 11 plan is “fatally flawed” because it includes releases that would prevent creditors from suing Orchids’ directors and officers individually, arguing that to even permit a vote on the plan would be a waste of money.
In an objection filed Friday, the committee of unsecured creditors said that not only are the so-called third-party releases too broad — Orchids’ proposal to apply them unless creditors go out of their way to opt out is “completely inappropriate, as made clear by this court’s jurisprudence.”
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