MagnaChip Creditors Hatch Rival Ch. 11 Plan

Law360, New York (August 26, 2009, 6:37 PM EDT) -- Denouncing MagnaChip Semiconductor LLC’s Chapter 11 liquidation plan, the technology company's committee of unsecured creditors has lodged a competing plan that it argues will net a higher price and give unsecured creditors a much fairer shake.

The committee lodged its own plan and disclosure statement Tuesday in the U.S. Bankruptcy Court for the District of Delaware to rival the plan proposed by MagnaChip and its affiliated debtors, which the creditors claim is too flawed to be confirmed.

The debtors' plan, approved in July, envisions the sale...
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