MFA Letter to US Trustee on Rules for Chapter 11 Periodic Reports

MFA submitted a letter to the US Trustee Program (USTP) on rules for Chapter 11 periodic reports.  In the letter, MFA urged the USTP to promulgate rules as directed by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to require debtors in possession and trustees to file periodic reports on uniform forms in Chapter 11 cases under the Bankruptcy Code.  MFA believes that greater, uniform disclosures by debtors in possession and trustees will enhance the effectiveness of the bankruptcy process and maximize value for the benefit of all stakeholders, including creditors, shareholders, and employees.  MFA recommended, among others, that the USTP consider the federal securities laws as a source of guidance for the types of disclosures in a periodic report that would be meaningful to interested parties in Chapter 11 cases.

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