KIT Digital Creditors Join Opposition To Ch. 11 Plan

Law360, Chicago (July 12, 2013, 4:26 PM EDT) -- KIT Digital Inc.’s unsecured creditors on Thursday joined a committee representing shareholders and balked at the media software company’s private equity-backed reorganization plan, saying it runs afoul of the Bankruptcy Code’s repayment scheme and might not deliver on the promise of a full recovery.

In an objection filed in New York bankruptcy court, KIT’s official committee of unsecured creditors expressed its opposition to the prepackaged plan. It said KIT has repeatedly assured unsecured creditors that their claims will be covered by the $25 million in cash...
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