BOY SCOUTS OF AMERICA'S BANKRUPTCY PLAN IS UPHELD ON APPEAL
LOS ANGELES, March 28, 2023 /PRNewswire/ -- The Official Tort Claimants' Committee ("TCC") of the Boy Scouts of America is pleased to announce that on March 28, 2023 the District Court affirmed the Bankruptcy Courts' Order approving the Boy Scouts' chapter 11 plan of reorganization ("Plan"), establishing the overall framework for a Survivor trust that will evaluate and pay claims. In a detailed 150-page decision, the District Court explained why the Bankruptcy Court was correct in approving the Plan. The TCC is represented by Pachulski Stang Ziehl & Jones LLP.
"Survivors voted overwhelmingly in favor of the Plan and now two Courts have approved the Plan" said John Humphrey, Co-Chair of the TCC. He added that "The TCC has been fighting for Survivors for more than three years and we are ready for the Plan to become effective so that the Settlement Trust can be set up so that it may begin to process claims."
Doug Kennedy, Co-Chair of the TCC, remarked "With this validation, now from two Courts, Survivors can be assured that this is the best path forward under the circumstances, and we hope that the insurers and the other claimants that objected will not stand in the way."
On April 4, 2023 at 8:00 p.m. (Eastern Time), there will be a Town Hall to discuss the terms of the Plan, what they mean for Survivors, and the process of establishing the Settlement Trust that will administer Survivor claims.
Survivors and counsel can get the dial in information for the Town Hall at https://www.tccbsa.com
If you are not able to attend the Town Hall you can view a recording that will be posted on the TCC's website: http://www.tccbsa.com. In addition to Town Hall information, the TCC's website contains a variety of resources directed to Survivors.
More information on the restructuring can be found at https://www.tccbsa.com.
View original content:https://www.prnewswire.com/news-releases/boy-scouts-of-americas-bankruptcy-plan-is-upheld-on-appeal-301783985.htmlSOURCE Pachulski Stang Ziehl & Jones
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