Examples of Salus in a sentence
The Debtors in these chapter 11 cases, along with the last four digits of their respective tax identification numbers, are as follows: CMC II, LLC (6973), Salus Rehabilitation, LLC (4037), 207 Marshall Drive Operations LLC (8470), 803 Oak Street Operations LLC (3900), Sea Crest Health Care Management, LLC (2940), and Consulate Management Company, LLC (5824).
As a result, the Court materially limited the liquidators’ remuneration in both cases to $30,000 in Salus and $120,000 in Green Securities.
Judge takes two years to issue judgment criticising liquidator for unnecessary delay – now liquidators appeal In the two judgments, Commissioner of Inland Revenue v Salus Safety Equipment Ltd (in liq) [2020] NZHC 1368 and Commissioner Inland Revenue v Green Securities Ltd (in liq) [2020] NZHC 1371, Associate Judge Bell significantly reduced the amount recoverable in each proceeding by liquidators.
In Salus the amount claimed was$91,600 and in Green Securities it was $159,044.
The terms of subdivision (b) are intended to be consistent with and not in conflict with the holdings in Salus v.
At its most simple, the term loan priority litigation between Salus on the one side and the ABL group on the other could result in the ABL group owing $129 million to Salus after the sale.
Salus argued that under the intercreditor agreement, the term loans were junior in priority to the SCP loans.
Salus argued that it was entitled to the $129 million that had been paid to the ABL lenders and that the $103 million outstanding debt was junior to the SCP loan and therefore could not be credit bid.
Salus and the first-out lenders wanted to invoke side agreements to block the sale, and Cerberus wanted to invoke a side agreement to push the sale through (to block objections to the sale).
Under the proposal, Standard General would be permitted to credit bid its claim.74 Although it was clear to everyone that RadioShack’s assets needed to be sold, Salus, one of the lenders in the SCP lender group (and the agent for the group’s loans), asked the bankruptcy court to prohibit Standard General from credit bidding.