Orchids Gets Creditor Deal OK, But Jevic Challenge May Loom
Law360, Wilmington (September 10, 2019, 7:15 PM EDT) -- A Delaware bankruptcy judge on Tuesday gave her nod to a settlement with unsecured creditors over a lender lien dispute in Orchids Paper Products Co.’s Chapter 11 as the U.S. Trustee reserved rights to challenge distributions to be made to creditors given concerns they could defy the 2017 U.S. Supreme Court's Jevic ruling.
At a hearing in Wilmington, U.S. Bankruptcy Judge Mary F. Walrath said she would sign off on the settlement once an order is finalized and submitted to the court. The deal announced last month between the debtors, the official committee of unsecured creditors and prepetition lender Orchids Investment...
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