Cred Inc. Ch. 11 Disclosures OK'd Over US Trustee Objection

Law360 (January 21, 2021, 6:40 PM EST) -- Cryptocurrency investment firm Cred Inc. received interim court approval Thursday for its Chapter 11 plan disclosure statement after a Delaware judge nixed opposition to the debtor's solicitation procedures from the U.S. Trustee.

During a virtual hearing, U.S. Bankruptcy Judge John T. Dorsey said the proposed solicitation and voting procedures associated with Cred's Chapter 11 plan of liquidation adequately protected the rights of creditors, despite arguments from the U.S. Trustee that creditors might not be able to vote if they don't promptly file a proof of claim.

"I think the debtors have proposed a procedure to ensure no creditors are disenfranchised," Judge...

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