TMT's Unsecured Creditors Demand End To Litigation Wave

Law360, Houston (November 4, 2013, 4:32 PM EST) -- TMT Group’s unsecured creditors asked a Texas bankruptcy judge Monday to force the troubled shipping company and its secured lenders to negotiate a business plan aimed at exiting Chapter 11, saying ongoing litigation propelled by senior creditors is rapidly depleting the company’s cash.

TMT’s official committee of unsecured creditors said in a motion to compel mediation that a group of the company’s lenders including Cathay United Bank Co. Ltd. and Mega International Commercial Bank Co. Ltd. are eroding its cash “at an alarming and unprecedented pace”...
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