Outer Harbor hearing to approve disclosure statement postponed

New York, March 9 – Outer Harbor Terminal, LLC’s hearing for conditional approval of its plan of liquidation and related disclosure statement and to set voting procedures has been postponed until March 29, according to a noticed filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The hearing was previously scheduled for March 10.

Outer Harbor’s official committee of unsecured creditors has objected to approval of the disclosure statement and the voting procedures.

A limited objection has also been received from Kawasaki Kisen Kaisha, Ltd.

On March 1, the creditors committee asked the court to delay the hearing.

They said the company was trying to “rush confirmation” without allowing the input of creditors.

The committee was also concerned that it was being deprived of its right to investigate the company’s assets.

It added that the plan and disclosure statement also “unjustly coerce creditors to provide releases to debtor and debtor’s insiders without any real justification.”

In addition, the committee said Outer Harbor “has gerrymandered the classification of claims to cram down interests of general unsecured creditors without their consent.”

Based in Oakland, Calif., Outer Harbor is a provider of container terminal operation and stevedore services at the Port of Oakland. The company filed for bankruptcy on Feb. 1, 2016 under Chapter 11 case number 16-10283.

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