12Yearplan.....time is the essence. Cereplast needs to present a new Financier who will pay off Horizon entirely, and they must do so before Horizon files to the Court to seize and sell all of Cereplast's assets.
If Scheer does have a new Financier that money would need to be placed with the Trustee in full so that Horizon can be paid off immediately.
No more 'we expect', 'we anticipate', 'we hope', 'we believe', etcetera. They pay off Horizon immediately or the Judge will be compelled to honor whatever Horizon demands.
A fair and reasonable question would be, why go Chapter 11 if indeed Cereplast had a new Financier arranged? Cereplast could have simply paid off the Horizon loan with the new loan with no need for an insolvency filing. Something appears amiss to me.
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