Court Clears Way For White Energy Ch. 11 Plan

Law360, New York (January 20, 2010, 12:48 PM EST) -- A bankruptcy court has approved the disclosure statement for White Energy Inc.’s reorganization plan, moving the ethanol producer a step closer to realizing a $150 million debt restructuring that leaves new equity in lenders’ hands.

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware signed off Tuesday on the disclosure statement, deeming the plan forged by White Energy and its secured lenders sufficiently detailed to allow creditors to make an informed vote.

White Energy’s creditors now have until Jan. 25 to...
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