In Wednesday’s (6/1) Courier-Journal (Louisville, Kentucky), Elizabeth Kramer reports, “The Louisville Orchestra filed its plan for getting out of bankruptcy Monday, one day before an extended deadline set by U.S. Bankruptcy Court on April 1. The orchestra filed for Chapter 11 bankruptcy on Dec. 3 and had originally been required to submit a plan by April 4. The plan submitted Monday outlines how the orchestra proposes to pay off its creditors and its estimates of its cash flow over the next 12 months. … The orchestra administration and legal representatives of the Louisville Orchestra Musicians Association were in the court of U.S. Bankruptcy Court Judge David T. Stosberg this morning, during which Timothy A. Schenk, an attorney with Morgan & Pottinger and one of the attorneys for the musicians, indicated he would consider filing objections if the musicians find discrepancies in the plan or the disclosure statement. The musicians and any other creditors would have to file objections with the court by June 13. Stosberg set June 28 as the date when the court will conclude whether the plan has sufficient information for creditors, and July 26 for a hearing to either approve or deny the plan. The orchestra also is sending the plan to all its creditors, who will have to vote on it before July 26.”
Posted June 1, 2011
