PCD Creditors Slam Proposed $105M Sale

Law360, New York (September 9, 2013, 7:53 PM EDT) -- Creditors of telecommunications company Personal Communications Devices LLC on Friday urged the bankruptcy judge overseeing its Chapter 11 proceeding to reject its proposed $105.3 million asset sale and allow time to explore other offers.

Arguing that the proposed sale to stalking horse bidder Quality One Wireless LLC benefits only secured lenders and insiders, the official committee of unsecured creditors asked U.S. Bankruptcy Judge Alan S. Trust to deny the company’s motion to approve bidding procedures for an auction. They contend that the bidding rules are unfairly...
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