In re New Century TRS Holdings Inc.
Jul
02
2008
Ruling
Formation of three groups of affiliated debtors and multi-debtor claim protocol was not an impermissible consolidation.
Procedural posture
Chapter 11 debtors and the creditors' committee sought approval of the debtors' plan. An ad hoc committee of the debtors' Deferred Compensation Plan and/or Supplemental Executive Retirement/Savings Plan objected to confirmation, arguing that the plan provided for an impermissible substantive consolidation of the debtors in violation of 11 U.S.C.S. § 1129(a), the plan did not comply with 11 U.S.C.S. § 1123(a)(4), as required by § 1129(a)(1).
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Court
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