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- As his Here Lies Love played its last week of performances on Broadway, producer Hal Luftig scored a significant victory in court. The Bankruptcy Court of the Southern District of New York recommended confirming the reorganization plan for Hal Luftig Company, Inc.
www.broadwayworld.com/article/Bankruptcy-Court-Recommends-Approving-Hal-Luftig-Company-Reorg-Plan-With-Caveats-20231127Bankruptcy Court Recommends Approving Hal Luftig Company ...
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Dec 2, 2023 · The debtor filed a chapter 11 plan to discharge the debtor’s debt owing to the investor and give the owner a release from liability on the $2.9 million arbitration award. In return, the plan called for the owner to supply $600,000 toward payments under the plan.
On November 22, 2023, the Honorable John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York issued Findings that recommended the confirmation of a Small Business Plan of Reorganization under Chapter 11 (the “Plan”) for the debtor.
In Re: 22-11617-jpm Hal Luftig Company, Inc. Memorandum Opinion And Order signed on 11/22/2023 On Confirmation Of Small Business Plan Of Reorganization Under Chapter 11. (related document (s) 55, 90, 63, 85, 84) File: 314456_115_opinion.pdf. Judge:
In this small business case, the Bankruptcy Court has recommended approval a plan of reorganization that contains a nonconsensual release of a non-debtor. For the following reasons, that recommendation is rejected.
In In re Hal Luftig Co., the Bankruptcy Court recommended confirmation of a subchapter V small business reorganization plan that provided for the nonconsensual release of a non-debtor third party5. The Bankruptcy Court applied the Purdue III factors when considering the release6.
The Bankruptcy Court found that the Luftig Release was necessary to a successful reorganization because it would enable Luftig to continue to operate the Debtor?s business and would secure several material benefits to the Debtor, including Luftig?s contributions and agreement to subordinate his claims.
