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GenCon Makes Good to Make-A-Wish Foundation With the Bankruptcy Court's Blessing Date: 12/1/2008 |
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GenCon LLC has announced that it has received the approval of the bankruptcy court to pay the Make-A-Wish Foundation funds that were raised in a charity auction last year. As a result of a ruling issued by Judge Thomas T. Glover, who put the children who are aided by the Make-A-Wish Foundation first in line, a wire for nearly $150,000 is on its way to the Foundation. According to GenCon LLC President Adrian Swartout: ?A key element of our reorganization plan has always been to treat Make-A-Wish as a separate class of creditor and it was our sincere hope that we would be allowed to pay them in full upon court acceptance of our Plan. We are simply thrilled to have received permission from the court with the support of our creditors? committee to pay them in full right now, especially before the holiday season.? GenCon filed for Chapter 11 bankruptcy protection in February as a result of an ill-fated attempt to expand its core business to include externally licensed events. The current management of GenCon reports that in 2008 the company has had its first profitable year since 2005 and that the company is now in position to fund its plan to emerge from Chapter 11. When asked by ICv2 if its plan had been filed yet, or approved by the court, or if this payment was approved in advance of approval of the plan, GenCon?s Swartout replied: ?This payment was approved in advance of the final plan being filed or approved. Essentially the judge read our disclosure statement and noted our proposal to treat Make-A-Wish as a separate class of creditor and to pay them in full upon confirmation of our plan. He didn?t see any reason to wait another month for the plan confirmation and issued the order to pay Make-A-Wish effective immediately.? |
| Source: ICv2 |
