Court Confirms Universal Building Liquidation Plan

Law360, New York (March 10, 2011, 5:41 PM EST) -- Universal Building Products Inc. received confirmation of its Chapter 11 liquidation plan Tuesday in Delaware, concluding a litigious reorganization that included counsel upheavals and a fallout with the private equity group that acquired the company’s assets and funded the bankruptcy.

Judge Mary Walrath confirmed Universal’s third modified joint liquidating plan in the U.S. Bankruptcy Court for the District of Delaware, leaving the debtor to establish a liquidating trust for the benefit of the company’s legion of unsecured creditors.

Unsecured creditors voted overwhelmingly for the plan, which...
To view the full article, register now.