ResMae Wins Approval Of Disclosure Statement

Law360, New York (May 3, 2007, 12:00 AM EDT) -- Bankrupt subprime mortgage lender ResMae is one step closer to emerging from Chapter 11 protection, after winning court approval of its disclosure statement.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware approved the plan on April 27, giving the company the green light to submit the plan to creditors for final approval.

The disclosure statement reveals that ResMae plans to pay unsecured creditors between 7.6 and 14.6 cents on the dollar, repaying in full a total of $900,000. The company’s...
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