Advertisement

Goodman Networks Hearing Adjourned

Advertisement

Goodman Networks filed with the U.S. Bankruptcy Court an emergency motion adjourning the hearing to consider confirmation of the Debtors’ chapter 11 plan and approval of related disclosure statement.

The motion explains, “The Debtors now seek to continue the Confirmation Hearing to May 2, 2017. As previously disclosed in various filings (including the Disclosure Statement and the Debtors’ voluntary petitions) and discussed at the March 29 hearing in these cases, the State of Texas has asserted a tax claim against Goodman Networks Incorporated in excess of $34 million (the ‘Disputed Tax Liability’). The Debtors have disputed the Disputed Texas Tax Liability, and have asserted that all or a portion of the claim, to the extent it is valid and enforceable, is reimbursable by AT&T….The Debtors, in consultation with the Consenting Noteholders, the Consenting Equityholders, and AT&T, have determined that, rather than going forward with confirmation on April 20, 2017, it would be in the parties’ best interests to adjourn the Confirmation Hearing. This additional time will allow parties to continue discussions regarding a mutually acceptable resolution of the Disputed Texas Tax Liability or reach an agreement on the waiver of the condition precedent to the Plan. In advance of filing this motion, the Debtors also consulted with the Texas Comptroller of Public Accounts, which does not object to the requested adjournment.” The Court scheduled an April 20, 2017 hearing on the emergency motion.

More telecommunications industry bankruptcy information