First NBC, committee look to postpone disclosure statement hearings

By Caroline Salls

Pittsburgh, Jan. 28 – First NBC Bank Holding Co. and the official committee of unsecured creditors appointed in its Chapter 11 case asked the U.S. Bankruptcy Court for the Eastern District of Louisiana to continue for 30 days the hearing on approval of the disclosure statements related to the Chapter 11 plans they filed for the First NBC case, according to a motion filed Friday.

The motion said the hearings have been continued several times since March 2018. At a Dec. 4 status conference, the court continued the hearings and related status conferences to Jan. 31.

First Bank and the committee said they have held discussions related to proposing a joint plan, but multiple issues would need to be addressed before any joint plan could be formalized, including reaching an agreement with the Department of Treasury on its preferred stock.

However, the motion said the parties were unable to hold talks with the Treasury because of the government shutdown.

“At this time, the parties remain hopeful that they will be able to reach a final agreement for the structure of a joint plan of reorganization,” the motion said. “However, there still remain unresolved issues, particularly those related to Treasury’s preferred stock, which must be addressed before such an agreement can be achieved.”

First NBC, a New Orleans-based bank holding company, filed bankruptcy on May 11, 2017. The Chapter 11 case number is 17-11213.

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