737 Pylt
Um....Floats anyone??
- Joined
- Jul 8, 2003
- Posts
- 3,085
Also, note that amendments to the (POR) Plan of Reorganization which were filed change the wording of the corporate structure sections.
The paragraphs outlining management, control, operations and officers of the reorganized company previously referred to one entity. Collectively, "the reorganized debtors". That language has been removed and replaced with wording which refers to Delta and Comair as individual debtors. ie = "each reorganized debtor".
On January 4, 2007, ING Bank N.V. (“ING”) on behalf of itself and with the support of certain other Comair Creditors (the “Supporting Comair Creditors” [11]) pursued a request for the appointment of a separate official creditors’ committee for the Comair estate. This request was set forth in a letter to the United States Trustee. In the letter, it was claimed that a separate committee was required because Delta and Comair allegedly possess conflicting interests.
Specifically, the letter alleged that a separate committee was required in order to (i) explore potential diversification opportunities for Comair, (ii) investigate whether the transfer of certain aircraft to SkyWest following the request for proposal (“RFP”) was in the best interest of the Comair estate, (iii) investigate the $517 million loan owing from Delta to Comair and (iv) investigate the US Airways Proposal and the differing interests of Comair and Delta with respect to such proposal.
The Debtors and the Creditors’ Committee opposed the application and stated that the existing Creditors’ Committee adequately represented the creditors of both Delta and Comair.
Moreover, in response to the request set forth above, the Debtors stated that (i) Delta and Comair had identical interests with respect to diversification opportunities for Comair, a prerequisite for which was Comair obtaining a competitive cost structure, (ii) the leasing of certain regional jets to SkyWest following the RFP benefited Comair by removing from its operations fleet aircraft for which it no longer had any use, (iii) the recoveries of the Creditors of the Comair Debtors under the Plan would be based, in part, on the $517 million intercompany loan having a recovery value as if it were held by a third party and (iv) Delta and ING appear to be in agreement that the US Airways Proposal was not in the best interest of creditors. On January 17, 2007, the United States Trustee denied the request. Although US Airways had, on January 10, 2007, announced the Revised US Airways Proposal and Delta had not yet responded to it, the Debtors concluded that the mere existence of an unsolicited merger proposal did not warrant a separate Comair-only committee.
ING and certain other Supporting Comair Creditors have requested a meeting with representatives of the Debtors to obtain further information about the issues underlying the request and have advised the Debtors that, depending upon the results of such meeting, they may pursue the appointment of a separate Comair-only committee before the Bankruptcy Court.
[11] The Supporting Comair Creditors consist of Export Development Canada, DVB Bank AG, Bayerische Landesbank, West LB AG, New York Branch, Halifax PLC, Rabobank, Comerica Leasing Corp., and Mellon Leasing Corp.
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The paragraphs outlining management, control, operations and officers of the reorganized company previously referred to one entity. Collectively, "the reorganized debtors". That language has been removed and replaced with wording which refers to Delta and Comair as individual debtors. ie = "each reorganized debtor".
On January 4, 2007, ING Bank N.V. (“ING”) on behalf of itself and with the support of certain other Comair Creditors (the “Supporting Comair Creditors” [11]) pursued a request for the appointment of a separate official creditors’ committee for the Comair estate. This request was set forth in a letter to the United States Trustee. In the letter, it was claimed that a separate committee was required because Delta and Comair allegedly possess conflicting interests.
Specifically, the letter alleged that a separate committee was required in order to (i) explore potential diversification opportunities for Comair, (ii) investigate whether the transfer of certain aircraft to SkyWest following the request for proposal (“RFP”) was in the best interest of the Comair estate, (iii) investigate the $517 million loan owing from Delta to Comair and (iv) investigate the US Airways Proposal and the differing interests of Comair and Delta with respect to such proposal.
The Debtors and the Creditors’ Committee opposed the application and stated that the existing Creditors’ Committee adequately represented the creditors of both Delta and Comair.
Moreover, in response to the request set forth above, the Debtors stated that (i) Delta and Comair had identical interests with respect to diversification opportunities for Comair, a prerequisite for which was Comair obtaining a competitive cost structure, (ii) the leasing of certain regional jets to SkyWest following the RFP benefited Comair by removing from its operations fleet aircraft for which it no longer had any use, (iii) the recoveries of the Creditors of the Comair Debtors under the Plan would be based, in part, on the $517 million intercompany loan having a recovery value as if it were held by a third party and (iv) Delta and ING appear to be in agreement that the US Airways Proposal was not in the best interest of creditors. On January 17, 2007, the United States Trustee denied the request. Although US Airways had, on January 10, 2007, announced the Revised US Airways Proposal and Delta had not yet responded to it, the Debtors concluded that the mere existence of an unsolicited merger proposal did not warrant a separate Comair-only committee.
ING and certain other Supporting Comair Creditors have requested a meeting with representatives of the Debtors to obtain further information about the issues underlying the request and have advised the Debtors that, depending upon the results of such meeting, they may pursue the appointment of a separate Comair-only committee before the Bankruptcy Court.
[11] The Supporting Comair Creditors consist of Export Development Canada, DVB Bank AG, Bayerische Landesbank, West LB AG, New York Branch, Halifax PLC, Rabobank, Comerica Leasing Corp., and Mellon Leasing Corp.
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