posted September 17, 2009): What is the current status of the Trustees efforts to pursue a transaction with an alternative investor?
Following a conference call on September 15, 2009, with the Ad Hoc Committee, the Indenture Trustees, the Legal Representative for Holders of SEBC Common Stock and other parties in interest in this case, each of whom have signed a confidentiality agreement, the Trustee has filed a motion for a further extension of the Effective Date Deadline through October 30, 2009. A copy of the motion is posted separately on this website. As set forth in the motion, SCS, the Estate’s investment banker, is currently engaged in advanced discussions with at least two major financial institutions that have expressed significant interest (including having retained and/or consulted with outside counsel for this purpose) in entering into a transaction similar to the Transaction to be implemented under the Plan. Of course, the Trustee cannot predict whether or not any institution will determine to commit to undertaking a transaction with the Estate. Should any of these discussions lead to the execution of a
Related Questions
- : What additional information is the Trustee in a position to disclose about the status of the investor and the proposed transaction that is intended to serve as a basis for the Chapter 11 plan?
- posted June 15, 2009): What is the status of the Trustee’s efforts to pursue the Transaction with the Investor and/or an alternative investor?
- posted September 17, 2009): What is the current status of the Trustees efforts to pursue a transaction with an alternative investor?
