October 23, 2019 / 12:11 PM / 22 days ago

PIMCO, U.S. trustee tussle over professional fees in Stearns Ch. 11

Pacific Investment Management Co LLC on Tuesday urged the judge in Stearns Holdings LLC’s bankruptcy to overrule an objection by the U.S. trustee to the mortgage lender’s reorganization that some professionals employed during the case, including lawyers, did not get court approval to be retained and their payment terms were incorporated into a restructuring support agreement.

The investment giant and largest Stearns noteholder, best known as PIMCO, said in a filing in U.S. Bankruptcy Court for the Southern District of New York that the more relaxed terms were critically needed for professionals who helped put together a restructuring support agreement serving as the framework for the lender’s Chapter 11 plan.

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

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