Larry Kotler of Duane Morris. Courtesy photo Bankruptcy Court Rejects Equity Holder's Challenge to Revoke Confirmation Order in 'Virgin Orbit'
The equity owner asserted that the confirmation order that was previously entered by the court should be revoked based on the equity owner's claim that value was lost due to improper sale and marketing efforts by the debtors and its professionals both pre- and post-bankruptcy and, as such, they should have been "in the money" and entitled to a distribution under the confirmed plan.
April 24, 2024 at 09:01 AM
11 minute read
Contributors
In the bankruptcy case of Virgin Orbit, Bankruptcy No. 23-10408, 2024 WL 973644 (March 6, 2024), the U.S. Bankruptcy Court for the District of Delaware (the court) addressed a motion, pursuant to 11 U.S.C. Section 1144, filed by a former equity holder who sought to revoke the confirmation order. In particular, the equity owner asserted that the confirmation order that was previously entered by the court should be revoked based on the equity owner's claim that value was lost due to improper sale and marketing efforts by the debtors and its professionals both pre- and post-bankruptcy and, as such, they should have been "in the money" and entitled to a distribution under the confirmed plan.
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