Hearing Scheduled for June 6; ACH Objection, PPG Response, Incentive
Program on Agenda
Tomorrow's hearing in the Diamond Glass case originally would have
provided for the court's review of the purchaser of the company
and its assets; however, in light of the postponement until June
HERE for related story), the schedule has changed a bit. Instead,
a hearing will still be held, but the schedule will include a host
of other topics, including ACH's objection to Diamond's motion for
approval of the sale (CLICK
HERE for related story). In addition, the court will review
PPG Industries' limited response to the notice of cure amount that
it received from Diamond Glass, in which PPG claims the cure amount
listed by Diamond is inaccurate; Diamond lists the cure cost as
$252,122.62, due to PPG-PPGAG Sales Contract for the supply of glass
products, while PPG says the cure cost should be broken down as
$135,705.02 to PPG Industries Inc. and $116,418.60 to PPG Auto Glass
LLC (for a total of $252.123.62).
Finally, the court will again review the objection by the official
committee of unsecured creditors' objection to Diamond's motion
for approval of its executive incentive program (CLICK
HERE for related story). While the objection previously was
overruled, court documents note that "this matter is going
forward as a status report and to obtain further guidance from the
Court in connection with its May 8, 2008, ruling on this matter."
HERE for full text of agenda.
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