Fedders' creditors committee seeks access to crucial asset sale information

By Caroline Salls

Pittsburgh, Dec. 7 - Fedders Corp.'s official committee of unsecured creditors asked the U.S. Bankruptcy Court for the District of Delaware to force investment banker Chanin Capital Partners to produce documents for committee review and appear for an oral examination to gather information on the proposed sale of substantially all of Fedders' assets, according to a Thursday court filing.

The committee said it is disappointed in Fedders, saying the company "should have willingly [provided the requested information] weeks ago."

According to the motion, the asset sale is the "single most critical aspect" of Fedders' bankruptcy case, and the committee needs to be informed of the status of the sale process in order to properly represent the company's unsecured creditors.

"For weeks, the debtors have stalled, deferred and delayed rather than granting the requested access," the committee said in the motion.

"The committee can wait no longer."

Fedders, a Liberty Corner, N.J., producer and marketer of air treatment products, filed for bankruptcy on Aug. 21. Its Chapter 11 case number is 07-11176.

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