Debtor Closes on Post-Petition Loan; Committee Dissolves

As expected, the Debtor closed on its Post-Petition Loan of $2,047,448.31 from Mercer County State Bank on or about 5/31/11.  It is expected that the initial distribution to unsecured creditors in the amount of $30,000.00 will occur shortly.  The terms of the Debtor’s Confirmed Chapter 11 Plan of Reorganization (“Plan”) govern the administration of the Debtor’s Bankruptcy Estate moving forward.

Also pursuant to the Plan, the Official Committee of Unsecured Creditors (“Committee”) is dissolved and employment of Committee Counsel is terminated, with certain limited exceptions.  As a result, this will be the final report made by the Committee pursuant to its obligations under 11 U.S.C. § 1102(b)(3).

As always, 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.