My answers --
My questions are:
1) When will the court issue a decision on rejection of the TPL reorg plan or how will we know of the outcome. Do not know for sure when, but generally a formal hearing is scheduled (publicized to all interested parties), and arguments are then made at the hearing in support of related filings etc.
2) Do the Creditor Cmtee have to accept the plan generated by TPL. NO. They can negotitate to modify the plan to their liking; they can present their own plan, and on and on ....
3) Is it normal to ask for the mgmt of a Chapter 11 company to be 3r'd - Rejected Refused and REPLACED. Often times managment and/or ownership is changed during a CH11 proceeding. Every case is different and has its own set of unique circumstances. An enormous amount of negotiation between interested parties goes on as part of the process.
4) Would the Creditor Cmtee be able request dissolution of TPL assets if there is no resloution or will the court impose it's own reorg plan. If you mean by "dissolution", liquidation of assets, that can certainly be a possibility. Whether the proceeding goes that route depends on how all stakeholders are affected by such a move.
5 Should dissolution be the option what happens to the PDS arrangement? Again, if you mean liquidation, then most anything could potentially happen to the arrangment, depending on what is negotiated with a party interested in purchasing such asset: 50% of the MMP. Point being, CH11 proceedings, while they follow certain banktupcty laws and procedures, are full of significant negotiations, tradeoffs, and maneuvering. The proceedings are also quite costly, so depending on what is occuring within the proceedings, usually the quicker a company can exit, the better. However, in this particular case, I am not so sure it is in PTSC's interest to have TPL successfully emerge from CH11; there are just too many better options for overall MMP monetization, in my opinion, than continuing on with a shady licensing partner.
