Imperial Capital Launches Liquidation Plan

Law360, New York (October 5, 2010, 6:30 PM EDT) -- Imperial Capital Bancorp Inc. has filed a Chapter 11 plan that will see the bankrupt bank liquidating $42.5 million in assets and shuttering operations in a bid to repay its creditors.

Under the terms of the plan, filed Monday in the U.S. Bankruptcy Court for the Southern District of California, holders of administrative expense claims, priority tax claims, convenience claims and secured claims are all expected to make full recoveries.

However, unsecured creditors – who are owed approximately $93 million – will only be able to...
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