Furniture Brands International’s official committee of unsecured creditors filed with the U.S. Bankruptcy Court a statement in support of the Debtors’ motion for an order approving the engagement agreement with Meredith M. Graham, nunc pro tunc to November 25, 2013. The statement explains, “…the Committee supports the approval of the Plan Confirmation Bonus, as an…

Savient Pharmaceuticals announced that an agreement in principle has been reached by and among the Company, its official committee of unsecured creditors (UCC) and the unofficial committee of senior secured noteholders, whose members hold approximately 90% of Savient Pharmaceuticals’ senior secured notes. As part of the agreement, it is anticipated that the UCC will withdraw…

The U.S. Bankruptcy Court approved Excel Maritime Carriers’ Disclosure Statement related to its Amended Joint Chapter 11 Plan of Reorganization. According to the documents filed with the Court, “The Plan memorializes the terms of a consensual restructuring of the Debtors as agreed among the Debtors, their secured lenders holding more than 80% of such lenders’…

The Commonwealth of Pennsylvania Department of Revenue filed with the U.S. Bankruptcy Court an objection to Rural/Metro’s First Amended Joint Chapter 11 Plan of Reorganization. The objection explains, “The Plan purports to extinguish the setoff rights of the Commonwealth, violating 11 U.S.C. Section 362(b)(26) and 553(a). Section 362(b)(26) authorizes setoffs of prepetition income tax liabilities…

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