Multicanal faces motion to produce unredacted documents

By Jeff Pines

Washington, April 15 - Multicanal SA provided sloppily redacted documents without first seeking a protective order, Argentinian Recovery Co. LLC complained and it wants the bankruptcy court to force Multicanal to produce the unredacted documents.

Though Multicanal provided Argentinian Recovery with a redaction log, the investor has not found the log very helpful, it said.

In an April 15 filing with the U.S. Bankruptcy Court for the Southern District of New York, Argentinian Recovery said Multicanal redacted the documents to "'protect' the identity of beneficial owners of Multicanal's notes" out of concern Argentinian Recovery would harass them.

But it said the Argentine cable television systems company redacted a lot more than just names and was inconsistent in its editing. For example, some documents block out the names of the beneficial holders, other block out whole pages while others reveal the names of the beneficial holders, Argentinian Recovery said.

Argentinian Recovery described Multicanal's efforts as "unjustified, improper and misleading."

Much of the documentation concerning Multicanal's out-of-court restructuring and its communications with creditors is via e-mail. The redaction complicates Argentinian Recovery's efforts to organize the correspondence, it said.

Argentinian Recovery said the redactions will just slow the fact-finding process and delay the proceedings.

Multicanal is seeking a permanent injunction under the U.S. Bankruptcy code that will protect it from creditors in U.S. courts. Argentinian Recovery wants to prevent the injunction and then to put the company into Chapter 11.

The case numbers for Multicanal are 04-10280 and 04-10523 for its out-of-court restructuring.

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