US Trustee Protests IGPS Plan For Ch. 11 Sale

Law360, New York (June 25, 2013, 7:22 PM EDT) -- The U.S. Trustee’s Office on Monday slammed what it called an "overly aggressive" bankruptcy sale of plastic pallet company iGPS Co. LLC, which recently collapsed under the weight of a $250 million credit agreement, to a private equity-led group.

In the objection, U.S. Trustee Roberta DeAngelis told a Delaware bankruptcy judge that the company's motion to approve bid procedures for its $49 million sale included both an unnecessary breakup fee and an unreasonable timetable.

The proposed $1.05 million breakup fee and $400,000 in expense reimbursement are not required...
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