ProtoStar Bankruptcy Plan 'Unconfirmable': Creditors

Law360, New York (April 8, 2010, 3:32 PM EDT) -- The official committee of unsecured creditors for bankrupt ProtoStar Ltd. is objecting to the company's Chapter 11 reorganization plan, calling it “both nonconsensual and patently unconfirmable on its face.”

In an objection filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, the committee said any attempt to solicit approval and confirmation of a plan for ProtoStar I Ltd. would be completely futile.

The committee is urging the court to reject a disclosure statement for the PS I plan, given that the plan itself...
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