Vesttoo and UCC reach agreement on liquidation plan, challenge UST conversion motion
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Vesttoo and UCC reach agreement on liquidation plan, challenge UST conversion motion

Vesttoo Discovery Investigation.jpg

Both the unsecured creditors committee (UCC) and Vesttoo have filed motions disagreeing with the US Trustee's (UST) motion to convert Vesttoo’s bankruptcy case from Chapter 11 to Chapter 7, with both sides noting that they have agreed on an “expeditious” plan of liquidation.

The UST’s motion, filed in late October, argued that converting the case to Chapter 7, which would involve the appointment of an independent fiduciary to wind down the company, would “avoid significant administrative cost”.

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