Wolverine Tube Ch. 11 Plan OK'd After Bondholder Deal

Law360, Wilmington (June 10, 2011, 3:16 PM EDT) -- A Delaware bankruptcy judge approved Wolverine Tube Inc.'s Chapter 11 reorganization plan Friday, after the copper tube maker struck a deal that reaffirmed its largest bondholder’s support of the plan.

Plainfield Asset Management LLC — the company’s largest bondholder at $52 million — cast the reorganization into doubt in May when it withdrew support for the plan, saying certain terms precluding the transfer of stock post-confirmation were inconsistent with a plan support agreement reached at the outset of the bankruptcy.

Wolverine responded with an adversary proceeding...
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