In re Daewoo Motor America, Inc.

ORDER AFFIRMING BANKRUPTCY COURT’S ORDER DENYING APPELLANT’S MOTION TO EXTEND TERM OF CREDITOR TRUST [1, 2]

I. INTRODUCTION AND PROCEEDINGS BELOW

Appellant Daewoo Motor America, Inc. (“DMA” or “Appellant”) appeals the bankruptcy court’s order denying as untimely its motion to extend the term of the Creditor Trust in connection with its Chapter 11 plan of reorganization.

On May 16, 2002, Appellant filed a voluntary petition for bankruptcy under Chapter 11 the United States Code. (See 3 ER 393). On October 8, 2003, the bankruptcy court confirmed Appellant’s Sixth Amended Chapter 11 Plan of Reorganization (the “Plan”), with an effective date of October 16, 2003. (1 ER 18; 3 ER 402). The Plan was implemented, in part, through the creation of a Creditor Trust. (1 ER 447). Pursuant to the Plan, the “primary role” of the Creditor Trust and the Trustee was “to distribute the assets of the Creditor Trust to the holders of Allowed Claims in accordance with the terms of the Plan and the Creditor Trust Agreement.” (3 ER 449).

Appellant was a wholly-owned subsidiary of Appellee Daewoo Motor Company, Ltd. (“Appellee”). In connection with Appellant’s bankruptcy proceedings, Appellee filed a…