First NBC Bank Holding and its official committee of unsecured creditors filed with the U.S. Bankruptcy Court a stipulation regarding the motion for enlargement of exclusivity period, the retention of PricewaterhouseCoopers (PWC) and the motion for appointment of a Chapter 11 trustee.
The stipulation notes, “The Debtor and the Committee wish to finally compromise and settle the Exclusivity Motion and PWC Application, and wish to compromise and settle the Trustee Motion on an interim basis… Any order of this Court allowing the Exclusivity Motion, in whole or in part, shall be deemed to include the following provisions, notwithstanding any provision of any other order of this Court: a. The Committee may file a plan, without further delay, from and after October 10, 2017 (the ‘Committee Exclusivity Termination Date’); b. The Committee Exclusivity Termination Date may not be extended, increased or enlarged, pursuant to 11 U.S.C. section 1121(d) or otherwise, without the consent of the Committee, which consent may be granted or withheld in the Committee’s sole and absolute discretion; and The Debtor shall not directly or indirectly seek or file a motion to dismiss this bankruptcy case or convert this case to a case under chapter 7 of the Bankruptcy Code without the consent of the Committee.”
In addition, “The Committee shall have no objection to allowance of the PWC Application in accordance with this Stipulation….The hearing on the Trustee Motion shall be continued to October 24, 2017.”
Read more bankruptcy news.