HoldCo Advisor’s modified Third Amended Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on August 30, 2013. As previously reported, “Holdco’s Plan provides for the reorganization of the Debtor and for Holders of certain Allowed Claims to receive equity in the Reorganized Debtor, with the option for each Holder of TOPrS Unsecured Claims and General Unsecured Claims to receive instead a ‘cash out’ right of payment and/or a security that results in cash from certain of the Debtor’s assets, including Cash held by the Reorganized Debtor as of the Effective Date. The Plan Proponent believes the Plan will maximize the value of the Estate. In order to effectuate the Distributions, the Plan provides that all of the assets of the Debtor’s Estate (including Causes of Action not expressly released under the Plan) shall vest in the Reorganized Debtor. The New Board shall be appointed as of the Effective Date and shall be responsible for implementing the Plan.” This bank holding company filed for Chapter 11 protection on October 28, 2010, listing $1.7 billion in pre-petition assets.
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector–with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.