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FAQ'S On January 18, 2008, Propex Inc. and certain of its affiliates (collectively, the "Debtors") filed voluntary petitions (the "Propex Cases") for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as amended, the "Bankruptcy Code"). On July 1, 2009, an Order was entered granting the Debtors' motion for an order amending the caption of the Propex Cases and to reflect the new case names (the "Fabrics Estate Cases") as follows:
The questions and answers that follow provide general information concerning the Fabrics Estate Cases, the Official Committee of Unsecured Creditors of Fabrics Estate Inc., et al. (the "Committee"), and various topics related to the Fabrics Estate Cases and the Committee. Pursuant to the Bankruptcy Code, the United States Trustee (the "UST") is authorized to appoint a committee of creditors holding unsecured claims as soon as practicable after the filing of a case. Generally, a creditors' committee is a group (typically seven) of general unsecured creditors appointed to represent, in a fiduciary capacity, the interests of all general unsecured creditors. In such role, creditors' committees act to protect and promote the interests of general unsecured creditors by, among other things, monitoring a debtor's business operations, investigating its business and financial affairs, and negotiating the terms of a plan of reorganization. The overarching goal of a creditors' committees is to maximize value for general unsecured creditors. In accordance with this authority, on January 25, 2008, the UST appointed the Committee. What is the Committee's role in the Fabrics Estate Cases? Pursuant to the Bankruptcy Code, the Committee may: (1) consult with the trustee or debtor in possession concerning the administration of the cases; (2) investigate the acts, conduct, assets, liabilities, and financial condition of the debtor, the operation or the debtor's business and the desirability of the continuance of such business, and any other matter relevant to the case or to the formulation of a plan; (3) participate in the formulation of a plan, advise those represented by such committee of such committee's determinations as to any plan formulated, and collect and file with the court acceptances or rejections of a plan; (4) request the appointment of a trustee of examiner under section 1104 of the Bankruptcy Code; and (5) perform such other services as are in the interest of those represented. Who are the members of the Committee?
Who represents the Committee? The Committee retained Akin Gump Strauss Hauer & Feld LLP to act as its counsel. Who is the United States Trustee? The United States Trustee for the Fabrics Estate Cases is Richard Clippard. The Trial Attorney assigned to the Fabrics Estate Cases is Kim Swafford. What role does the United States Trustee Play? The United States Trustee Program is a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases. For further details on the United States Trustee's role, please visit the web page for the UST at www.usdoj.gov/ust/r08/index.htm. Does the Committee represent individual creditors? No. The Committee represents the interests of all unsecured creditors through oversight of and negotiations with the Debtors. Neither the Committee nor its counsel represent individual creditors that may have claims in the Fabrics Estate Cases. What is the deadline for filing proofs of claims? The deadline to file proofs of claims was on July 18, 2008 at 5:00 p.m. (Prevailing Eastern Time) Do I need to file a proof of claim? If you believe that you or an entity you represent has a claim arising prior to January 18, 2008 against the one or more of the Debtors, you may wish to file a proof of claim to protect your rights. You should consult your own counsel in deciding to file a claim in the Fabrics Estate Cases. For additional information regarding proofs of claim, please refer to http://chapter11.epiqsystems.com/PPX/claim/search:aspx. Have the Debtors filed any chapter 11 plan(s) or disclosure statement(s)? The Debtors' First Amended Joint Plan of Liquidation, dated July 10, 2009, and their First Amended Disclosure Statement, dated July 15, 2009, were filed with the Bankruptcy Court. On July 15, 2009, an Order was entered approving the Debtors' First Amended Disclosure Statement, and scheduling a hearing on August 21, 2009 at 9:00 a.m. to consider confirmation of the Debtors' First Amended Joint Plan of Liquidation. On August 21, 2009, Findings of Fact, Conclusions of Law and Order were entered confirming the Debtors’ First Amended Joint Plan of Liquidation Under Chapter 11 of the United States Bankruptcy Code. To view these documents, please click on the Plan of Liquidation and Disclosure Statement link on the left side of the page. How long will the Fabrics Estate Cases take? There is no specific time estimate for the Fabrics Estate Cases. Large bankruptcy cases, such as these, can take several months (and in some cases years) to complete. How do I get responses to specific questions? Please call 1-(800) 734-5173 or email your questions to PropexMail@akingump.com Who is the judge presiding over the Fabrics Estate Cases? The Fabrics Estate Cases are assigned to the Honorable John C. Cook, United States Bankruptcy Judge for the Eastern District of Tennessee. |