Several updates in the Archdiocese of Guam bankruptcy case unfolded in the District Court of Guam Tuesday morning.
District Court Chief Judge Frances Tydingco-Gatewood entertained the Unsecured Creditors Committee’s response to the third application of fees associated with the bankruptcy case which amounts to $827,000.
While concerned about the accruing legal fees, the committee supported the payments but only if the Archdiocese is willing to meet certain conditions. The Chief Judge stated that provisions from unsecured creditors looks good, granted it doesn’t alter any court deadlines.
The Chief Judge also entertained a request regarding the continued stay of the application to hire Ankura Consulting Group LLC as the committee’s financial advisor.
Edwin Calde told the court that while they continue to make great progress, if they fail to reach resolutions, they would have to return to the court for sole lawsuit and it may also lead to an investigation of some certain asset-related issues.
Meanwhile, the Archdiocese of Agana has filed a motion to approve post petition lending pursuant to the CARES Act on an emergency basis.
Because of the current stay, filings related to the motion are not due until the stay is lifted.
Chief Judge Tydingco-Gatewood wanted to know if the Archdiocese was still going to follow through with the motion. The Church’s attorney, Bruce Anderson, indicated that the motion will be pursued.