Agencies Slam Ch. 11 Disclosure For Specialty Products Plan

Law360, Wilmington (August 28, 2013, 9:21 PM EDT) -- A pair of Ohio state agencies contended in Delaware bankruptcy court Wednesday that the disclosure statement put forth by creditors of bankrupt Specialty Products Holding Corp. should be rejected because the Chapter 11 plan it supports is unconfirmable.

Ohio's Department of Taxation and Bureau of Workers' Compensation said the disclosure statement failed to provide creditors with adequate information because it championed a Chapter 11 plan that contains a number of provisions that violate the Bankruptcy Code, according an objection filed in Delaware bankruptcy court.

“If the...
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