US Trustee Asks Court To Block Cred Inc. Ch. 11 Plan Deal

Law360 (January 4, 2021, 3:01 PM EST) -- The U.S. Trustee's Office has asked a Delaware bankruptcy judge to reject an agreement between cryptocurrency investment platform Cred Inc. and its creditors on a Chapter 11 sale plan, saying the firm's past business deals need to be examined first.

In a motion fled Thursday, U.S. Trustee Andrew Vara said the court should approve an examiner to look at Cred's prior business dealings before approving a plan support agreement, or PSA, with the unsecured creditors committee that would set a deadline for approval of a Chapter 11 plan and release the firm's current management and professionals from liability.

"The terms of...

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