Vegas Developer Moves Closer To Ch.11 Exit

Law360, New York (September 9, 2011, 7:27 PM EDT) -- A Nevada bankruptcy judge on Thursday advanced a reorganization plan for South Edge LLC, approving the disclosure statement for the proposal to pay down debt and salvage the Las Vegas housing development project.

The plan, which is underpinned by settlements with a number of building companies, provides lenders with roughly $330 million in recoveries and offers unsecured creditors a share of a $1 million fund.  A hearing on the confirmation of the plan has been scheduled for Oct. 17.

U.S. Bankruptcy Judge Bruce A. Markell wrote...
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