New Stream Delays Ch. 11 Plan As Opposition Mounts

Law360, New York (April 8, 2011, 5:00 PM EDT) -- Facing mounting opposition from creditors and voluminous discovery requests, hedge fund New Stream Secured Capital Inc. agreed Friday to delay confirmation of its Chapter 11 plan in Delaware.

The reorganization plan — which contemplates selling a portfolio of life settlement investments to pay off creditors — was slated for confirmation on Apr. 25, but has been pushed off indefinitely to allow New Stream to provide discovery to dissident investors and a newly formed unsecured creditors committee, attorneys for the hedge fund said at a hearing in...
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