PCD Creditors Slam Proposed $105M Sale

By: Maria ChutchianRelated Attorney(s): Joseph J. Wielebinski

Law 360

Sep 09, 2013

Creditors of telecommunications company Personal Communications Devices LLC on Friday urged the bankruptcy judge overseeing its Chapter 11 proceeding to reject its proposed $105.3 million asset sale and allow time to explore other offers.

Arguing that the proposed sale to stalking horse bidder Quality One Wireless LLC benefits only secured lenders and insiders, the official committee of unsecured creditors asked U.S. Bankruptcy Judge Alan S. Trust to deny the company’s motion to approve bidding procedures for an auction. They contend that the bidding rules are unfairly favorable to Quality One and leave little room for other offers to be considered.

Quality One is represented by Joseph J. Wielebinski, to read the full Law 360 article, "PCD Creditors Slam Proposed $105M Sale", please click here.