Pyxus Can't Stop Ch. 11 Equity Panel Formation

Law360 (July 20, 2020, 10:54 PM EDT) -- Holders of stock in bankrupt tobacco supplier Pyxus International won a rare fight for the establishment of an equity committee on Monday, after a Delaware bankruptcy judge noted that the "debtors' own balance sheet raises questions."

U.S. Bankruptcy Judge Laurie Selber Silverstein approved the move after a day-long hearing on Friday during which independent stockholders said the company had provided no warning of insolvency and failed to fully explain why they will get nothing for their shares under the company's $1 billion reorganization.

"This is a prepackaged case, so all negotiations happened pre-bankruptcy without transparency," Judge Silverstein said. "Here the interests...

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