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On September 2, 2016, TPP Acquisition, Inc. d/b/a The Picture People (the “Debtor”) filed a voluntary petition (collectively, the “Bankruptcy Case”) for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as amended, the “Bankruptcy Code”).
The questions and answers that follow provide general information concerning the Bankruptcy Case, the Official Committee of Unsecured Creditors of TPP Acquisition, Inc. (the “Committee”), and various topics related to the Bankruptcy Case and the Committee.
Pursuant to the Bankruptcy Code, the United States Trustee (the “US Trustee”) is authorized to appoint a committee of creditors holding unsecured claims as soon as practicable after the filing of a case. Generally, a creditors’ committee is a group of general unsecured creditors appointed to represent, in a fiduciary capacity, the interests of all general unsecured creditors. In such role, creditors’ committees act to protect and promote the interests of general unsecured creditors by, among other things, monitoring a debtor’s business operations, investigating its business and financial affairs, and negotiating the terms of a plan of reorganization. The overarching goal of a creditors’ committee is to maximize value for general unsecured creditors.
In accordance with this authority, on September 13, 2016, the US Trustee appointed the Committee [Docket No. 103].
Pursuant to the Bankruptcy Code, the Committee may: (1) consult with the trustee or debtor in possession concerning the administration of the Bankruptcy Case; (2) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation or the Debtor’s business and the desirability of the continuance of such business, and any other matter relevant to the case or to the formulation of a plan; (3) participate in the formulation of a plan, advise those represented by the Committee of its determinations as to any plan formulated, and collect and file with the court acceptances or rejections of a plan; (4) request the appointment of a trustee of examiner under section 1104 of the Bankruptcy Code; and (5) perform such other services as are in the interest of those represented.
The Committee has retained (i) Gibson, Dunn & Crutcher LLP to act as its general bankruptcy counsel, (ii) Emmert & Parvin, LLP to act as its Texas co-counsel, and (iii) Emerald Capital Advisors to act as it financial advisor.
The United States Trustee Program is a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases. For further details on the United States Trustee’s role, please visit the website of the United States Trustee at https://www.justice.gov/ust-regions-r06.
No. The Committee represents the interests of all unsecured creditors through oversight of and negotiations with the Debtor. Neither the Committee nor its counsel represents individual creditors that may have claims in the Bankruptcy Case.
The general deadline (also known as the “bar date”) to file proofs of claim in the Bankruptcy Case is set for November 15, 2016. The bar date for governmental units to file proofs of claim in the Bankruptcy Case is set for March 1, 2017. Creditors should review the bar date order entered in the Bankruptcy Case [Docket No. 261] for specifics regarding the filing of proofs of claim, and the consequences of failing to do so.
If you believe that you or an entity you represent has a claim arising prior to September 2, 2016 against the Debtor, you may wish to file a proof of claim to protect your rights. You should consult your own counsel in deciding whether to file a claim in the Bankruptcy Case.
There is no specific time estimate for the Bankruptcy Case. Bankruptcy cases such as these can take many months (and in some cases years) to complete. The Debtor is currently seeking to sell substantially all of its assets by November 4, 2016, and to confirm a plan by the end of 2016 or early 2017.