A hearing is scheduled this morning before the Honorable Judge Carol Doyle regarding the PFGBest Trustee's recently filed motion for an extension for the debtor's legal requirement to file a Schedule of assets and liabilities. By law, PFGBest is required to file a Schedule of assets and liabilities within 15 days of its Chapter 7 application. This would mean that PFGBest would have to file such a schedule by July 25.
The Trustee contends that PFGBest did not take any steps to prepare Schedules prior to bankruptcy. The motion notes that PFGBest has 250 employees servicing 24,000 accounts, so it will take time to piece together the estate. The Trustee requests 43 days to prepare and file Schedules, which would give him time to file in advance of the first meeting of Creditors on September 10, 2012.
Please note that this is not unusual and may not impact the Trustee's ability to make distributions to customers. We expect the motion to be granted. Read the motion below: