UPC Polska's confirmation hearing set for Jan. 21, SISU continues battle

By Jeff Pines

Washington, Jan. 20 - UPC Polska, Inc.'s second amended Chapter 11 reorganization plan will get its day in court despite SISU Capital Ltd.'s objections.

SISU believes the proposed plan is unfair to it and grossly undervalues the company's assets.

The U.S. Bankruptcy Court for the District of Southern New York recently ruled against a SISU Capital motion to change a witness. SISU sought to replace its valuation witness from Hexagon Capital with another witness from Hexagon.

In filings with the court, SISU sought to subpoena witnesses involved in the case, Chanin Capital Partners and GoldenTree Asset Management LLC, and filed a motion to compel further discovery and obtain a short continuance of the confirmation hearing.

The company argued it has already consented twice to "lengthy continuances of hearings to accommodate creditors."

It voluntarily extended the confirmation hearing date by a total of 49 days.

UPC Polska's official committee of unsecured creditors filed an emergency motion to quash subpoenas from SISU arguing they are intended to harass and annoy.

It also wants the court to sanction SISU, according to a filing with the court. Chanin is its financial advisor and GoldenTree is a member of the official committee of unsecured creditors that has voted to accept the plan.

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