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Union/Panda Gila's dissenting banks agree on timing for Chapter 11 case
New York, Feb. 11 - TECO Energy, Inc.'s Union and Gila River power stations, its pre-petition bank agent and the dissenting bank lenders reached an agreement on timing for the company's Chapter 11 case.
A hearing to give conditional approval to the disclosure statement was continued to Feb. 25 from the originally scheduled date of Feb. 11 and will now become a final hearing to give final approval. No witnesses will be called.
By Feb. 18, the companies, the pre-petition agent and the dissenting lenders will submit a discovery plan for confirmation of the plan of reorganization. The discovery plan will be subject to court approval.
The voting deadline will be moved back to March 25 from March 14.
A final hearing to confirm the plan will begin in the second full week of April.
The dissenting bank lenders, Aretex LLC and Franklin Mutual Advisers, LLC, had asked the court to reconsider the original schedule drawn up by the bankruptcy companies, Union Power Partners, LP, Panda Gila River, LP, Trans-Union Interstate Pipeline, LP and UPP Finance Co., LLC, and approved by the court.
The dissenting lenders objected that ballots could not be solicited on the basis of conditional approval of the disclosure statement. In addition, they objected that they had not had sufficient time to review the disclosure statement to determine if it contains sufficient information as required by the bankruptcy code.
Under the agreement now reached, Aretex and Franklin Mutual will withdraw their motion to reconsider.
Instead the various parties have agreed to amend, modify and clarify the disclosure statement as necessary.
The bankrupt companies also agreed to provide relevant documents.
Union/Panda Gila's Chapter 11 case number is 05-01143. They filed for bankruptcy on Jan. 27 in the U.S. Bankruptcy Court for the District of Arizona.
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