The TPG Settlement: A $10 Million Question Mark
During Friday’s hearing, Exactech’s legal team revealed the newly inked $10 million settlement with TPG, which consists of $5 million in cash and $5 million in exit fees.
However, attorneys for the unsecured creditors’ committee raised alarms, arguing they have yet to receive thousands of critical documents from Exactech and need more time to determine how the TPG settlement will affect the restructuring plan.
“We don’t even know what this deal really means yet,” said committee counsel Cameron Moxley, urging U.S. Bankruptcy Judge Laurie Selber Silverstein to postpone the upcoming March 27 disclosure statement hearing to allow for further discovery.
Judge Weighs Discovery Disputes
Judge Silverstein did not immediately rule on the creditors’ request to delay the hearing, but she did issue a mixed ruling on other discovery disputes.
Exactech had sought to force the committee to turn over documents supporting its claims about potential asset values and litigation exposure. But the committee pushed back, stating that their primary source of information was Exactech’s own bankruptcy filings.
“There’s just nothing for us to give,” Moxley argued.
While the judge ordered the committee to produce a witness, she rejected Exactech’s demands for documents related to how law firms pitched their services to the committee, ruling such materials were off-limits.
