All the chapter 11 filings from Pacific Andes group companies will be administrated in the U.S. together, with the company willing to meet with lenders alleging some $1 billion of suspicious transactions, Undercurrent News reported yesterday. During a hearing in New York on July 11, the court approved the motion by the group for joint administration under chapter 11. In addition, the company’s counsel “confirmed their willingness to meet with counsel representing creditors on July 14, 2016 in an effort to address outstanding issues between the parties.” The group indicated to the court that the motion relating to cash management would likely be made by the end of this week after consultation with counsel to the club lenders on a confidential and non-disclosed basis later this week. This comes after four Pacific Andes lenders filed a document on July 8, alleging there are $1 billion in "questionable transactions" in the group and suspicions of "substantial" fabrications of revenue and payments.
