On 12/31/10, the Debtor filed its Chapter 11 Plan of Reorganization (“Plan”) and Disclosure Statement, which proposes to pay unsecured creditors with claims greater than $250.00 approximately ten percent (10%) over three (3) years, and those with claims equal to or less than $250.00 approximately ninety percent (90%) after Plan confirmation. A hearing on the approval of the Disclosure Statement has been scheduled for February 10, 2011, at 10:00 a.m. in the Bankruptcy Courtroom, U.S. Courthouse, 17 South Park Row, Erie, with objections to the Disclosure Statement due by February 3, 2011.
Also on 12/31/10 the Debtor filed a Motion for Authority to Incur Secured Debt, to Enter into Financing Agreement with Mercer County State Bank (the “Bank”), and to Grant First Priority Liens pursuant to Bankruptcy Code Section 364(C) (“Motion”). By the Motion the Debtor seeks to obtain financing from the Bank in the amount of $2,000,000.00 for the purposes of funding the Plan and ongoing operations, in exchange for which the Bank will receive first priority liens on certain of the Debtor’s assets and assets of the Debtor’s principals. A hearing on the Motion has also been scheduled for February 10, 2011, at 10:00 a.m. in the Bankruptcy Courtroom, U.S. Courthouse, 17 South Park Row, Erie, with objections to the Motion due by February 3, 2011.
If you would like to have complete access to the Bankruptcy Court docket in this case, you can request a PACER I.D. by following the PACER link on this page, which will enable you to access the docket as well as view and print documents filed in the case. Please also feel free to contact us at wldcommittee@quinnfirm.com to obtain a copy of the Plan, Disclosure Statement, Motion, or any subsequently filed pleadings.
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