First NBC Bank Holding plan confirmation hearing continued to Dec. 17

By Caroline Salls

Pittsburgh, Nov. 12 – First NBC Bank Holding Co.’s Chapter 11 plan confirmation hearing has been continued to Dec. 17 from Nov. 13, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of Louisiana.

First NBC Bank Holding and its official committee of unsecured creditors requested that the hearing be continued for at least 60 days in a motion filed on Monday.

According to the motion, the plan provides for distributions and contingent distributions to creditors. The company said the contingent distributions are based on litigation proceeds expected to be generated by a litigation and distribution trustee.

“Given the nature of the contingent distributions, i.e., proceeds from litigation, all in very early stages, the contingent distributions may likely not occur until many months after confirmation of the joint plan,” the motion said.

In addition, First NBC and the committee said other distributions depend on the receipt of funding from first-round investors. Because of delays associated with changes to the underlying deal structure of the joint plan and uncertainties related to the Department of Treasury’s objection to plan confirmation, the motion said funding of the plan has likewise been delayed.

The company said the largest investor is new to the underlying deal structure and requires additional time to conduct due diligence.

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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