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The Latest Bankruptcy News From Bankruptcy Week Business Bankruptcy Headlines for 2/6/2012Washington Mutual Objection Filed The Oregon Department of Revenue (DOR) filed with the U.S. Bankruptcy Court an objection to Washington Mutual's Seventh Amended Joint Plan. The objection explains the Oregon DOR's current claim against the Company is for a priority amount of $27,298,903.58 and an unsecured non-priority claim for $2,082,819.33, secured by possible refunds of $1,423,462.76. The Oregon DOR asserts that it objects for two reasons: "(i) the Plan's release provisions appear to improperly release nondebtors, and (ii) the Plan improperly allows payment of Allowed Priority Tax Claims after the Effective Date without interest....Confirmation must be denied until the Plan complies with Section 524(e) and 1129(a)(9)(C)." Dynegy Holdings Continuance Sought Wells Fargo Bank filed with the U.S. Bankruptcy Court a motion requesting a continuance of the hearing to consider Dynegy Holdings' Disclosure Statement. Wells Fargo Bank asserts, "The hearing with respect to the Disclosure Statement Approval Motion currently is scheduled for February 24, 2012. The Examiner's report, however, is not due until March 12, 2012. This is the proverbial cart before the horse. By definition, the Amended Disclosure Statement will not contain 'adequate information.' It is premature and would be a waste of judicial time and resources to consider approval of the Amended Disclosure Statement before the Examiner's report is completed." Filene's Basement Exclusivity Termination Sought Syms Corp's official committee of equity security holders filed with the U.S. Bankruptcy Court a motion for termination of the exclusive period during which only the Debtors may file a Chapter 11 plan and solicit acceptances thereof. According to the committee, "On January 11, 2012, the Equity Committee provided the Debtors and the Creditors Committee a term sheet for a plan that reorganizes Syms as a real estate holding company. The plan presented pays all allowed claims against Syms in full in cash as of the effective date, and reserves sufficient capital to pay the claims of any Filene's Basement creditors that are determined to hold valid claims against Syms. It is financed through a combination of debt, an equity rights offering, or a new real estate investment partner. Put simply, the Equity Committee's plan will achieve a quick exit from bankruptcy for Syms, pay allowed claims against Syms in full, and maximize the recovery to Syms's equity holders." The Court scheduled a March 7, 2012 hearing on the matter.
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