Shane Vows To Repay Claims In Reorganization Plan

Law360, New York (August 12, 2010, 2:14 PM EDT) -- Bankrupt jeweler Shane Co. has floated a reorganization plan that calls for the continued operation of the family-owned business during restructuring and for the recovery, over time, of nearly 100 percent of all creditor claims.

To facilitate approval of the plan, President, CEO, Director and major shareholder Thomas M. Shane has agreed to defer repayments on some $30 million he loaned his troubled company, according to papers filed Wednesday in the U.S. Bankruptcy Court for the District of Colorado.

Thomas Shane called the reorganization plan a...
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