Replies to post #7286 on ARO Liquidation Inc. (fka AROPQ)

[Jazzyjwels]

Entered 09/01/16 17:23:42 Pg 1 of 2
NOTICE OF REVISED DATES AND DEADLINES IN CONNECTION WITH SALE TRANSACTION AND PLAN CONFIRMATION
PLEASE TAKE NOTICE that:
1. On August 29, 2016, the Debtors commenced an auction (the “Auction”) to sell all or substantially all of their assets (the “Sale Transaction”) in accordance with the procedures outlined in the Order (i) Approving Disclosure Statement; (ii) Approving Notice of Disclosure Statement Hearing; (iii) Shortening Notice for Disclosure Statement Hearing; (iv) Establishing a Record Date; (v) Establishing Notice and Objection Procedures for Confirmation of the Plan; (vi) Approving Solicitation Packages and Procedures for Distribution Thereof; (vii) Approving the Form of Ballot and Establishing Procedures for Voting on the Plan; (viii) Approving the Form of Notice to Non-Voting Classes Under the Plan; (ix) Approving Sale and Bidding Procedures for Sale of Substantially All of Debtors’ Assets Pursuant to the Plan; (x) Approving Procedures for Assumption and Assignment of Certain Executory Contracts and Unexpired Leases; (xi) Approving Related Notices; and (xii) Granting Related Relief [ECF No. 527]1 and the auction rules and procedures provided to parties at the commencement of the Auction. The Auction remains in progress as of the filing of this notice.
2. A telephonic status conference regarding the Sale Transaction will be held before the Honorable Sean H. Lane, United States Bankruptcy Judge on September 6, 2016 at 3:00 p.m. (Eastern Time) unless otherwise adjourned.
1Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Order.
Chapter 11
Case No. 16-11275 (SHL) Jointly Administered
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16-11275-shl Doc 744 Filed 09/01/16 Entered 09/01/16 17:23:42 Main Document Pg 2 of 2
3. The Debtors will file substantially final versions of (i) the Modified Asset Purchase Agreement with the Successful Bidder and/or the form of Agency Agreement, and (ii) the proposed order approving the Sale Transaction no later than September 6, 2016.
4. The Debtors will seek approval of the Sale Transaction and any accompanying agreements at a hearing scheduled for September 12, 2016 at 10:00 a.m. (Eastern Time) before the Honorable Sean H. Lane, United States Bankruptcy Court, One Bowling Green, New York, New York 10004 (the “Sale Hearing”).
5. Any responses or objections to the Sale Transaction, including objections related to the provision of adequate assurance of future performance, shall be filed with the Bankruptcy Court no later than September 8, 2016.
6. Any replies in support of the Sale Transaction may be filed in writing prior to the Sale Hearing or presented on the record at the Sale Hearing.
7. The Confirmation Hearing originally scheduled for September 6, 2016, has been adjourned to a date to be determined.
Dated: New York, New York September 1, 2016
/s/ Garrett A. Fail________________
Ray C. Schrock, P.C.
Jacqueline Marcus
Garrett A. Fail
WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue
New York, New York 10153 Telephone: [phone] Facsimile: [phone] Attorneys for Debtors
and Debtors in Possession
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[MasterBlastr]

Yes a lot of moving parts. How much debt can be carried out of bankruptcy, etc. The airlines mastered this for a long time as they would operate in and out of bankruptcy for years. Still, the smaller the bid and the less money you have, the more you must negotiate. And telling a creditor to wait to get paid just to keep old shareholders alive is a pretty tough sell. Keeping old shareholders alive does very little for the company. Recapitalizing gives the company a much better chance with money from new investors. Just another look at the situation from another angle which is what you have to do.