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February 26, 2008 |
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PRC LLC: Wants to File Disclosure Statement by March 13 PRC LLC and its debtor-affiliates ask the U.S. Bankruptcy Court for the Southern District of New York to fix March 13, 2008, as the date by which they must file a disclosure statement with respect to their Joint Plan of Reorganization. The Debtors presented to the Court a Joint Plan of Reorganization on Feb. 12, 2008. To prepare the Disclosure Statement, the Debtors must compile information from books, records, and documents relating to myriad of claims, assets and contracts, Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, in Houston, Texas, asserts. "Th[ose] information is voluminous . . . and collection of the necessary information requires an enormous expenditure of time and effort on the part of the Debtors, their employees and their retained financial advisors." Mr. Perez explains that the Debtors need more time to gather and analyze the information needed for the Disclosure Statement. "While the Debtors, with the help of their financial advisors, are working diligently and expeditiously to prepare the Disclosure Statement, resources are limited," he points out. He adds that the Debtors have not been able to complete the Disclosure Statement due to the amount of work entailed in completing the Disclosure Statement and the competing demands upon the Debtors' employees and professionals to assist efforts to stabilize the Debtors' business operations and construct the Plan within a mere 20 days from the bankruptcy filing. About PRC LLC Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC -- http://www.prcnet.com/ -- is a leading provider of customer management solutions. PRC markets its services to brand- focused, Fortune 500 U.S. corporations and delivers these services through a global network of call centers in the U.S., Philippines, India, and the Dominican Republic. PRC is the sole member of each of PRC B2B, LLC, and Precision Response of Pennsylvania, LLC, and the sole shareholder of Access Direct Telemarketing, Inc., each of which is a debtor and debtor- in-possession in PRC's joint Chapter 11 cases. Panther/DCP Intermediate Holdings, LLC, is the sole member of PRC. PRC, together with its operating subsidiaries PRC B2B, Access Direct, and PRC PA, is a leading provider of complex, consultative, outsourced services in the Customer Care and Sales & Marketing segments of the business process outsourcing industry. Since 1982, the company has acquired and grown customer relationships for some of the world's largest and most brand-focused corporations in the financial services, media, telecommunications, transportation, and retail industries. The company and four of its affiliates filed for Chapter 11 protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08- 10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in their restructuring efforts. The Debtors chose Stephen Dube, at CXO LLC, as their restructuring and turnaround advisor. Additionally, Evercore Group LLC provides investment and financial counsel to the Debtors. The Debtors' consolidated financial condition as of Dec. 31, 2007 showed total assets of US$354,000,000 and total debts of US$261,000,000. (PRC LLC Bankruptcy News, Issue No. 5; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/ or 215/945-7000) |
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