Prime Trust files Chapter 11 after receiver, committee appointed

By Wendy Van Sickle

Columbus, Ohio, Aug. 14 – Prime Trust, LLC and some of its affiliates filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware, according to a news release.

The Chapter 11 filing follows the permanent appointment of John Guedry as receiver for the company and the appointment of Guedry, John Wilcox and Michael Wyse as the sole members of a special restructuring committee vested with authority to oversee the company’s Chapter 11 Cases by Judge Susan Johnson of the Eighth Judicial District Court of the State of Nevada.

Prime Trust, under the supervision and direction of the special committee, continues to manage its businesses as debtors-in-possession.

The company said it plans to file a number of motions with the court designed to facilitate its orderly evaluation of all strategic alternatives, including potentially a sale of its assets and operations as a going concern. It is expected that these motions will include requests to continue to pay wages and provide benefits to ongoing employees as usual.

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