Pyxus Urges Del. Judge To Nix Equity Panel In Del. Ch. 11
Law360 (July 17, 2020, 10:06 PM EDT) -- Attorneys for bankrupt global tobacco supplier Pyxus International and its creditors urged a Delaware bankruptcy judge late Friday to reject stockholder calls for an equity committee voice in the $1 billion case, arguing that higher-priority claims and secured debt will leave nothing for last-in-line shares.
U.S. Bankruptcy Judge Laurie Selber Silverstein said she would rule on the request Monday after a daylong teleconference hearing and argument on equity holders' claims that values in the company's proposed Chapter 11 plan need a second, independent look.
Pyxus traces its business roots, through predecessors, back 146 years. It sought Chapter 11 protection on June...
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