Cynergy Data Ch. 11 Plan OK'd Over Ex-CEO's Protests

Law360, New York (December 21, 2010, 7:29 PM EST) -- A bankruptcy judge on Tuesday approved defunct credit card processor Cynergy Data LLC’s Chapter 11 liquidation plan, overruling objections from the company’s former CEO regarding releases granted to a lender.

At a hearing in the U.S. Bankruptcy Court for the District of Delaware, Judge Kevin Gross signed off on the plan, citing contributions made to the reorganization by Dymas Funding Co. LLC and other lenders as justification for the releases granted to them under the plan.

“Without the consideration they provided, we would not be at...
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