January 6, 2018 / 1:04 AM / 9 months ago

Panda Temple counters 3M pension fund's objection to reorg plan

A pension fund for employees of conglomerate 3M Co should not be allowed to stymie the Chapter 11 restructuring plan of Panda Temple Power LLC, lenders to the bankrupt power plant operator said on Thursday.

Rather, the 3M Employee Retirement Income Plan Trust should be held to a settlement it agreed to after Panda Temple filed for Chapter 11 bankruptcy protection, the lenders argued in court papers. The settlement provided the fund some potential recovery depending on Panda Temple’s performance, and the deal was folded into the company’s restructuring support agreement.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2AyfnWC

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