Creditors Slam Meruelo Maddux Ch. 11 Plans

Law360, New York (January 3, 2011, 7:39 PM EST) -- Unsecured creditors have objected to three restructuring proposals offered in the bankruptcy of Los Angeles developer Meruelo Maddux Properties Inc., contending that none show potential to live up to promises.

The official committee for unsecured creditors lodged its objection Dec. 30 in the U.S. Bankruptcy Court for the Central District of California in advance of a Jan. 26 confirmation hearing for the three plans, proposed by the debtor and by stakeholder teams led by Charleston Capital Advisors LLC, Hartland Asset Management Corp., East West Bank and...
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