American Mortgage Closes In On Exit From Ch. 11

Law360, New York (August 19, 2010, 5:45 PM EDT) -- A federal judge has permitted bankrupt American Mortgage Acceptance Co. to move forward with a prenegotiated restructuring plan allowing the company to preserve its status as a publicly owned real estate investment trust but canceling existing equity interests.

Judge Martin Glenn issued an order Thursday in the U.S. Bankruptcy Court for the Southern District of New York signing off on a disclosure statement for the REIT’s Chapter 11 reorganization proposal, which allows for two unsecured creditors to be paid in either assets or stock.

A confirmation...
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