JCP Ad Hoc Committee Update June 29th 2020
In the past week the attorneys and financial advisors of the ad hoc committee have been granted access to the debtors' data room. They have started going through thousands of files of data to put together an analysis for the committee. The committee and our professionals have made requests for additional information from the debtors' and some of their professionals. We have received some of the information requested and are awaiting the rest. The company, it's advisors and their attorney's have been co-operative, up until this point, with all our requests and questions. The committee will continue working with our professionals to analyze this data.
KEY DATES
The company has sent over a proposed business plan to the DIP lenders. This business plan will have to be approved by the lenders by July 15th (if there are no extensions). This is an important date in the case to keep an eye on.
US TRUSTEE
As many of you have seen, the US Trustee has filed limited objections with the courts regarding the retention and employment of certain professionals by the debtor. Professionals need to file disclosure statements of individuals or companies that they've worked with in the past that may pose a conflict of interest with this case. Some interested parties names have been left as anonymous by these professionals and the US Trustee is objecting to them not being named. The committee and our attorneys will be watching this closely. The hearing for these matters will be July 1st at 1pm.
Look out for the next committee update to stay informed on new developments and important dates in the case.
Sincerely,
Niko Celentano
Chairman
JCP ad hoc committee
nikocelentano@gmail.com unsubscribe
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