Trustee Rejects RHI Entertainment Bankruptcy Exit Plan

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The US Justice Department appointed bankruptcy trustee for RHI Entertainment has rejected the reorganization plan to exit bankruptcy. The trustee also urged the bankruptcy judge to similarly reject the plan also at a hearing next month. The reason for the rejection was the plan improperly releases lenders and other parties from any claims against them. RHI Entertainment is a developer for made-for-television movies.

When RHI filed for Chapter 11 bankruptcy in December last year, it stated that it was “unable to license new movies and mini-series at prices that would cover the production and debt costs”. But before filing for bankruptcy, RHI had discussed a reorganization plan with creditors and submitted the plan to the bankruptcy court. A hearing to approve the plan is scheduled for February 17.

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Tampa Bay Bankruptcy Center, P.A. on:

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