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Bankruptcy Keyed to Levitan, 3rd Ed.
In re Hills Stores Co.
Citation:
137 B.R. 4 (1992)Facts
Hills Stores Co., a large retail chain with 154 stores and annual sales of $2.1 billion, filed for Chapter 11 bankruptcy on February 4, 1991. Eleven days later, the U.S. Trustee appointed a 15-member committee of unsecured creditors that included three banks, two senior note holders, five trade creditors, one factor, and four representatives of subordinated debt. To facilitate operations, the committee formed three subcommittees (Orders, Plan, and Finance), each with subordinated bondholder representation. Nearly a year into the case, four subordinated bondholders moved for appointment of either a separate committee or subcommittee, claiming inadequate representation due to divergent economic interests, alleged failure to investigate preference claims against senior creditors, numerical underrepresentation relative to their claim size, and concerns about the committee’s selection of professionals. The debtor and committee opposed the motion, arguing that the bondholders’ claims were speculative, the timing would jeopardize the reorganization process, and the court lacked jurisdiction to direct formation of a subcommittee.
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