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Optima Specialty Steel Joint Stipulation Filed

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The Pension Benefit Guaranty Corporation (PBGC) and Optima Specialty Steel filed with the U.S. Bankruptcy Court a joint stipulation permitting the PBGC to file consolidated claims under one case number.

The stipulation notes, “It Is Hereby Stipulated And Agreed That: Notwithstanding anything to the contrary in any Order of this Court establishing deadlines for filing of proofs of claim and designating the form and manner of notice with respect thereto, the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, or local bankruptcy rules that would otherwise require PBGC to file a separate proof of claim against each Debtor on account of each claim against such entity, any proof of claim or amendment thereto filed in Case No. 16-12789 (KJC) by PBGC on its own behalf or on behalf of the Plan shall be deemed to be filed in Case No. 16-12789 (KJC) and in each of the cases of the four other Debtor affiliates.”

In addition, “If PBGC determines that it must file a proof of claim against any Debtors’ affiliate in the future, the Debtors and PBGC may enter into an agreement under which any proof of claim or amendment that PBGC files in Case No. 16-12789 (KJC) shall be deemed to be filed in such Debtors’ affiliate’s bankruptcy case; provided that such Debtors’ affiliate must have filed a bankruptcy petition and such Debtors’ affiliate’s bankruptcy case must have been jointly administered with Case No. 16-12789 (KJC). Such agreements will be binding without further order of this Court.”

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