News

CCC hearing continued again

December 27, 2001

PHILADELPHIA – A hearing on Credit Card Center's motion to use cash collateral to pay employee wages owed before its June 6 filing for bankruptcy protection under Chapter 11 has been continued until July 27.

According to Pennsylvania's Eastern District Bankruptcy Court docket, a hearing on the request was originally scheduled for June 15. CCC was ordered to fax a copy of its request to all secured creditors, the 20 largest unsecured creditors, all leasing companies, all landlords, the Pennsylvania state taxing authorities, the IRS and the U.S. Trustee, among others.

The hearing was continued two more times before being moved to July 6 -- and now to July 27. Creditors have until July 24 to file any objections or other comments with the court clerk.

July 6 was also the deadline for CCC to submit its complete financial schedules and statements. However, CCC's attorney, Aris Karalis of the Philadelphia firm Ciardi, Maschmeyer and Karalis, on June 20 had filed a motion for an extension to extend the court's original June 21 deadline. Karalis asked for another extension on July 6.

Also on July 6, the Committee of Unsecured Creditors submitted an application to have the Philadelphia firm of Eckert, Seamans Cherin & Mellott LLC serve as its legal counsel.