Champion Enterprises Cleared To Liquidate In Ch. 11

Law360, New York (March 7, 2011, 4:35 PM EST) -- Champion Enterprises Inc. reached a deal Monday with unsecured creditors on funding for a litigation trust that stands as the sole means of recovery for the creditors, clearing the defunct homebuilder’s Chapter 11 liquidation plan for confirmation.

Judge Kevin Gross said at a hearing in the U.S. Bankruptcy Court for the District of Delaware that he would sign off on the plan when it is submitted in its final form, including the debtors’ agreement to subordinate their own professionals’ fees to the first $200,000 of proceeds...
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