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VPX’s unsecured committee is sufficient; extra committee denied
Chicago, Dec. 29 – Vital Pharmaceuticals, Inc.’s (VPX Sports) Chapter 11 case will only have an official committee of unsecured creditors, according to an order filed with the U.S. Bankruptcy Court for the Southern District of Florida.
American Bottling Co., Inc. and Warner Music Group Corp., as previously reported, resigned from the official committee to which they had been assigned and petitioned the court, with several others, for an additional committee, seeking better representation for non-trade claims.
ABC and Warner were the only two constituents on the unsecured creditors committee without trade claims and they argued that their interests were not going to be adequately represented.
They also argue that their claims were more substantial than the members holding trade claims.
As litigation creditors, ABC holds a $225 million claim and Warner has a $28 million claim.
Other litigation claimants not originally appointed to the committee are: Monster Energy with a $389.74 million claim, Orange Bank with an $87 million claim, Sony Music Entertainment with a $35.5 million claim and UMG Recordings with a $22.15 million claim.
Monster, Orange Bank, ABC, Sony and UMG filed a joint motion for the additional committee.
However, the debtors, the official committee already appointed, the U.S. trustee and Truist Bank all objected to the appointment of the additional committee.
The judge sided with the objections and has denied appointment of a creditors committee.
The Pembroke Pines, Fla.-based maker of Bang energy drinks and other products filed Chapter 11 bankruptcy on Oct. 10 under case number 22-17842.
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