英语翻译news Bankruptcy LPC LIQUIDATION LIKELY WEEKS OF UNCERTAINTY over the future of the LPC Group,currently in Chapter 11 bankruptcy,may be ending after LPC Group president David Wilk announced that he will submit a liquidation plan to the cre

英语翻译news Bankruptcy LPC LIQUIDATION LIKELY WEEKS OF UNCERTAINTY over the future of the LPC Group,currently in Chapter 11 bankruptcy,may be ending after LPC Group president David Wilk announced that he will submit a liquidation plan to the cre
英语翻译
news
Bankruptcy
LPC LIQUIDATION LIKELY
WEEKS OF UNCERTAINTY over the future of the LPC Group,currently in Chapter 11
bankruptcy,may be ending after LPC Group president David Wilk announced that he
will submit a liquidation plan to the creditors' committee this week,with a
vote expected in early July.
Wilk told PW that the liquidation plan is essentially a settlement to avoid the
cost of resolving the dispute over ownership of funds attached by the American
National Bank of Chicago.LPG was forced to file for Chapter 11 protection in
April (News,Apr.8),when the bank demanded payment on a longtime revolving
line of credit and placed a lien on more than $1 million in LPG cash receipts
earmarked to pay publishers.
Wilk said he has opted for liquidation because litigation to challenge the
bank's lien would be costly and time consuming.He also said that losing the
case would put any funds that could be returned to LPC publishers at risk."I
think we've got a pretty good percentage on the dollar for the publishers," Wilk
said,adding that if it is approved,the plan will terminate all publishers'
contracts and will dissolve the LPC Group by July 31.
However,while Wilk maintains that his liquidation plan represents the best
option for publishers,not everyone involved in the case agrees.Tracey Saxe,
lawyer for Common Courage Press,called Wilk's plan "unacceptable," because it
treats publishers as unsecured creditors; Saxe believes that publishers are
secured creditors.Saxe also pointed to a bankruptcy court ruling that said
three presses--Park Avenue Press,Common Courage and McBooks--can remove their
books from LPC's warehousing partner,Client Distribution Services.Saxe said he
believes that ruling reinforces publishers' claims on the funds attached by the
bank.

英语翻译news Bankruptcy LPC LIQUIDATION LIKELY WEEKS OF UNCERTAINTY over the future of the LPC Group,currently in Chapter 11 bankruptcy,may be ending after LPC Group president David Wilk announced that he will submit a liquidation plan to the cre
新闻
破产
LPC清理结束可能
超过了的LPC集团未来的不确定性周,目前在第11章
破产,可能会后LPC集团总裁大卫威尔克结束宣布,他
将提交清算计划,债权人委员会本星期,一
预计在7月初进行表决.
威尔克说,晚上的清算方案本质上是解决,以避免
成本解决了附在资金的所有权争议的美国
芝加哥国民银行.液化石油气被迫申请破产保护
4月（新闻,4月8日）,当银行要求在长期周转金
信贷额度,并放在超过1亿石油气现金收入有留置权
用来支付出版商.
威尔克说,他的选择,因为诉讼清算挑战
银行的留置权将是昂贵和费时.他还表示,失去了
案件会提出的任何可返回危险LPC出版商资金.“我
认为我们有一个出版商对美元的比率相当不错,“威尔克
补充说,如果获得批准,该计划将终止所有出版商
合同,将7月31日解散的LPC集团.
然而,尽管威尔克认为,他的清算方案是最佳的
选项为出版商,不是每个人都在涉案的同意.特蕾西萨克斯,
为共同勇气新闻律师,称为威尔克的计划是“不可接受”,因为它
无担保债权人将其视为出版单位;萨克斯认为,出版商
有担保债权人.萨克斯还指出,破产法庭裁决说,
3台印刷机 - 公园大道出版社,共同勇气和McBooks - 可以消除的
书籍LPC的仓库合作伙伴,客户分销服务.萨克斯说,他
裁决认为,就加强所附的资金出版商索赔
银行.