CHC Group Objection Filed


HSBC Bank plc filed with the U.S. Bankruptcy Court an objection to CHC Group’s motion for approval of stipulation and order governing the production and/or disclosure of confidential documents and discovery materials.

The objection asserts, “The Debtors did not involve the RCF Lenders in the negotiations culminating in the Proposed Stipulation and the RCF Lenders did not consent to the terms contained therein. Instead, the RCF Lenders first learned of the terms of the proposed Stipulation only shortly before the Motion’s filing when counsel was copied on correspondence between the parties to the Proposed Stipulation in which Debtors’ counsel was requesting final authorization for those parties’ signatures thereto.”

The objection continues, “Because the RCF Lenders’ rights are necessarily and directly impacted by this Court’s eventual ruling on the PSA, the RCF Lenders have immediate and important concerns about approval of the Proposed Stipulation in its current form….To be clear, while the RCF Lenders are not direct parties to the Proposed Stipulation for this latest chapter involving a protective order, the RCF Lenders nonetheless have an interest in the outcome of the present Waypoint dispute related to the Debtors’ entry into the PSA and a right to participate in any discovery related thereto….More importantly, these terms directly conflict with the Court’s June 28 Ruling.”

Read more CHC bankruptcy news.