Friday, August 21, 2009
Restructuring Plan Proposal - It Really Is Coming
Hello Families of Imagine Adoption,
I am happy to inform you that the restructuring plan will be ready to present to you in a week or so. Following that, BDO Dunwoody will be informing us of the specifics on voting procedures. We are absolutely thrilled with this news as it represents a major step towards bringing the agency out of bankruptcy, resuming operations and beginning the process of bringing our children home.
Before you are presented with the restructuring plan and asked to vote on it, the plan will be submitted for review to both the Board of Directors, as appointed in the proposed restructuring plan, and the inspectors that have been appointed by the creditors. Three members of the FIA Steering Committee were invited by the restructuring group to be on the Board of Directors. As an appointed member of the Board of Directors I will be reviewing the restructuring plan in the coming days. In addition to strong representation by adopting and adoptive families, the board is also made up of individuals with strong business administration and financial backgrounds. The Board of Directors will also have access to an Advisory Board consisting of individuals with strong operational and legal expertise in the area of international adoption.
The review process itself will only take a few days and then BDO will proceed with the process of sharing the plan with you and organizing the voting procedures. Hopefully at that time the trustee will also be able to provide some indication of how long it will take to gain Ministry approval and submit the plan to the courts should creditors approve the restructuring plans.
Once the proposal is presented to you, members of the FIA committees have committed, in collaboration with the trustee, to be available to answer all the questions and concerns you might have about the plan and the voting process.
I have great confidence in the group of people that have created the proposed restructuring plan. I believe that once you see the plan you too will share this confidence and that we can move forward as a united group of families to accept the plan and begin the important next steps.
I wish you all a great weekend as we prepare for an exciting and hope filled week ahead.
With warm regards,