Article
Judge Kaplan Appoints Self as Mediator in Multi-Color Cases With Consent of Key Parties
Relevant Document:
Order
Today Judge Michael Kaplan entered an order appointing himself as “consensual mediator” in the Multi-Color cases. Key parties in the case unanimously agreed to mediate disputes including those related to the plan and disclosure statement, according to the stipulated order.
The mediation is scheduled to terminate by April 7 unless the mediation parties consensually extend it or Judge Kaplan concludes it earlier. The mediation parties are the debtors, equity sponsor Clayton Dubilier & Rice, the secured ad hoc group, the official committee of unsecured creditors and plan objectors the cross-holder ad hoc group and excluded first lien lenders.
Judge Kaplan’s “limited role as consensual mediator shall not be deemed a conflict under applicable law” and would not serve as a basis for any mediation party to seek to disqualify the judge from presiding over the Multi-Color cases, according to the order.
Judge Kaplan has set the plan confirmation hearing for April 13. The parties are also scheduled to return to court on April 7 for a hearing on Barclays Bank’s motion to dismiss the cross-holder group’s lawsuit challenging the term lenders’ collateral package and Multi-Color’s motion to disband the UCC.
On March 25, the parties reported making progress toward a settlement in an earlier mediation with retired Judge Joseph A. Greenaway. However, the negotiations did not produce a deal before last week’s contested DIP financing hearing.
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