Interstate Bakeries asks court to keep creditors committee from introducing documents at Nov. 7 hearing

By Reshmi Basu

New York, Nov. 1 - Interstate Bakeries Corp. asked the court to prevent the official committee of unsecured creditors from introducing documents received from the company at an upcoming Nov. 7 hearing, according to a Thursday filing with the U.S. Bankruptcy Court for the Western District of Missouri.

According to the motion, the creditors' committee has taken extensive discovery in hopes of discrediting Interstate Bakeries' plan funding agreement and related plan of reorganization, which are being devised by the company's board of directors and advisers.

Interstate Bakeries said the committee will likely introduce evidence relating to the proposed funding plan, which calls for $400 million in exit financing from specialty lender Silver Point Finance LLC of Greenwich, Conn.

At the same time, however, Interstate Bakeries said the committee has refused the identical discovery requested by the company.

"Since the committee refuses to provide this information to the debtors now, it should not be allowed to spring it for the first time in court at the hearing," Interstate Bakeries argued in the motion.

A hearing for approval of the exit financing commitment is scheduled for Nov. 7. In addition, the court will rule on the motion to extend the company's exclusive periods to file a plan of reorganization and solicit votes on the plan.

The Kansas City, Mo., bakery operator filed for bankruptcy on Sept. 22, 2004 in the U.S. Bankruptcy Court for the Western District of Missouri. Its Chapter 11 case number is 04-45814.

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