Trigeant eyes conditional statement OK with sale deal deadline looming

By Caroline Salls

Pittsburgh, Oct. 24 – Trigeant Holdings Ltd. asked the U.S. Bankruptcy Court for the Southern District of Florida to conditionally approve the disclosure statement for its plan of reorganization in an effort to avoid termination of a $100 million asset purchase agreement, according to a Thursday court filing.

The company said it was led to believe from comments made at a Sept. 23 hearing that the disclosure statement would be conditionally approved when it was filed.

However, Trigeant said the disclosure statement was filed on Oct. 8, and no conditional order has been entered.

According to the motion, if a conditional order is not entered by 5 p.m. ET on Oct. 30, the proposed buyer can terminate the company’s asset purchase agreement without penalty, “and the estates will lose the benefit of the $100 million transaction.”

Under the proposed conditional order, a plan confirmation hearing would be scheduled for Jan. 7.

Trigeant, a Boca Raton, Fla.-based petroleum company, filed for bankruptcy on Aug. 25. The Chapter 11 case number is 14-29027.

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