First NBC Bank Holding filed with the U.S. Bankruptcy Court a stipulation between the Debtors and official committee of unsecured creditors.
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, on the terms and conditions set forth in this Stipulation: For good and valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, the Debtor and the Committee stipulate and agree as follows: 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, c. The Debtor shall not file a motion to dismiss this bankruptcy case or convert this case to a case under chapter 7 of the Bankruptcy Code without prior notification to the Committee. The Court shall hear and determine any motion to dismiss or convert the case after notice to the Committee and a hearing, and the bankruptcy case shall not be dismissed or converted unless so ordered by an order of this Court.”
In addition, “The Committee shall have no objection to allowance of the PWC Application in accordance with this Stipulation; b. Certain shareholders of the Debtor (‘Shareholders’) shall pay and reimburse the Debtor’s estate, and hereby indemnify and hold the Debtor’s estate harmless of and from, (i) 50% of the sharing threshold, which shall be the first $95,000 of PWC’s fees and expenses allowed by this Court (‘Sharing Threshold’), and (ii) all amounts of PWC’s fees and expenses allowed by this Court in excess of the Sharing Threshold (the ‘Shareholder Contribution’).”
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