R
rm36cb3
Guest
i signed a leasing contract with xxx leasing (in OH)who recently filed bankruptcy. payments have been made to a different leasing company over the past 4 months.
please translate the following in laymen terms.
if you lease a truck or other motor vehicle from xxx leasing, your lease is scheduled to be assumed by xxx leasing as part of its plan of reorganization (the "plan"). pursuant to the bankruptcy code, xxx leasing can assume your lease only if it "cures" its (xxx leasing's) defaults under the lease. Based upon its records, xxx leasing is not in default under your lease, and will not be required to pay any amount to you as a cure payment.
in summary, if you agree that xxx leasing is not in default of your lease or that no cure payment is required, you do not need to take any action. if you believe that xxx leasing is in default and you are not willing to waive that default, you must object to xxx leasing's assumption of
your lease by filing an objection on or before april 18, 2001. if you do not object, your lease will be assumed and you will forfeit any rights to demand a cure of the default.
please translate the following in laymen terms.
if you lease a truck or other motor vehicle from xxx leasing, your lease is scheduled to be assumed by xxx leasing as part of its plan of reorganization (the "plan"). pursuant to the bankruptcy code, xxx leasing can assume your lease only if it "cures" its (xxx leasing's) defaults under the lease. Based upon its records, xxx leasing is not in default under your lease, and will not be required to pay any amount to you as a cure payment.
in summary, if you agree that xxx leasing is not in default of your lease or that no cure payment is required, you do not need to take any action. if you believe that xxx leasing is in default and you are not willing to waive that default, you must object to xxx leasing's assumption of
your lease by filing an objection on or before april 18, 2001. if you do not object, your lease will be assumed and you will forfeit any rights to demand a cure of the default.