Judge OKs Competing MagnaChip Ch. 11 Plans

Law360, New York (September 1, 2009, 3:00 PM EDT) -- The federal judge overseeing MagnaChip Semiconductor LLC's bankruptcy proceedings has approved competing plans proposed by the debtor and the creditors committee, putting it to stakeholders to decide whether to liquidate or restructure the ailing electronics manufacturer.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware set the stage for a face-off between, on the one hand, MagnaChip and its first-lien lenders — advocates of the liquidation plan — and the official committee of unsecured creditors’ rival reorganization plan on the other....
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