A court-appointed trustee, John Hyde, officially took over management of bankrupt NSB Corp., (the former Hemdale Film Corp.) yesterday, as trade creditors and banks maneuvered to become members of a creditors committee that will negotiate the indie’s restructuring.

The unsecured creditors committee includes: Credit Lyonnais (owed about $ 90 million, $ 30 million unsecured), Svenska Handelsbanken (owed $ 20.08 million), Chase Manhattan Bank (owed $ 1.7 million), the Screen Actors Guild ($ 6 million) , Permanent Trustee Co.

($ 4.54 million), Thomas Fox ($ 2 million) and American Gothic Prods. Inc. ($ 277,328).

Attorney Stephen Chrystie, who filed the involuntary Chapter 7 petition that forced bankruptcy, was opposed to Credit Lyonnais as a committee member because the bank is a secured creditor with only about $ 30 million unsecured.

“They should not be on this committee, because their position is essentially in conflict with the rest of the trade creditors and guilds,” noted Chrystie.

Want Entertainment News First? Sign up for Variety Alerts and Newsletters!
Post A Comment 0