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Bankruptcy Keyed to Epstein 6th Ed.
In re On-Site Sourcing, Inc.
Citation:
412 B.R. 817 (2009)Facts
On-Site Sourcing, Inc. filed for Chapter 11 bankruptcy on February 4, 2009, and immediately sought approval to sell substantially all its assets to Integreon Discovery Solutions, which had previously acquired the debtor’s secured debt of approximately $35 million. The debtor had marketed itself pre-petition but found no other viable purchasers. Integreon offered $28 million for the assets, leaving it significantly undersecured. The proposed sale included provisions for a break-up fee to Integreon and DIP financing that would have converted Integreon’s unsecured deficiency claim to a super-priority administrative claim. The Unsecured Creditors Committee negotiated modifications including Integreon’s forgiveness of its deficiency claim and the establishment of a separate unsecured creditors trust funded with $132,500 and other assets. The United States Trustee objected to the trust arrangement. The court approved the sale but excised the unsecured creditors trust provision and releases for three key employees, finding these provisions constituted an improper sub rosa plan.
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