Creditor Balks At Vertis' Plan For Consulting Pacts

Law360, New York (December 10, 2010, 4:28 PM EST) -- A Vertis Holdings Inc. creditor has objected to the approval of the advertiser's Chapter 11 restructuring plan over its treatment of nearly $7 million in claims related to consulting agreements.

Vertis was wrong when it said its restructuring, which it claimed would reduce the company's debt by $700 million, will not impair any of its creditors, TCW Shared Opportunity Fund said in an objection to the plan Thursday in the U.S. Bankruptcy Court for the Southern District of New York.

TCW's problems with the plan center...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.