Royalty Owner's Bid To Delay MTE's Ch. 11 Plan Shot Down

By Leslie Pappas (September 16, 2021, 5:24 PM EDT) -- A Delaware bankruptcy judge refused a royalty owner's request to put MTE Holdings LLC's bankruptcy plan on hold pending an appeal to the District Court, finding the delay could jeopardize a $85.7 million sale and put too many creditors at risk.

U.S. Bankruptcy Judge Craig T. Goldblatt said in an opinion filed Wednesday that granting the Allar Company's request to delay the plan he confirmed on Sept. 3 "would fundamentally upset the applecart," especially because creditors painstakingly negotiated specific settlements to ensure the sale at the center of MTE's reorganization goes through.

Such delay could jeopardize the sale itself, putting at risk...

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