After Settlements, Ciena Capital Eyes Ch. 11 Exit

Law360, New York (March 31, 2010, 4:08 PM EDT) -- Ciena Capital LLC, a lender to small and midsize businesses, has filed a Chapter 11 reorganization plan that would hand ownership of the company over to its lenders and resolve numerous claims among it, its secured lenders and unsecured creditors, and the federal government.

The plan, filed Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, would give Ciena's prepetition secured lenders — Allied Capital, which owned a majority stake in Ciena when it went bankrupt and guaranteed its debt, and Citibank...
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