Creditors Object To Portrait Corp.'s Amended Plan

Law360, New York (July 5, 2007, 12:00 AM EDT) -- Two creditors of Portrait Corp. of America Inc. have objected to the company's reorganization plan, in a move that could complicate the company's emergence from Chapter 11.

In motions filed Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, a group of insurers known as CNA and another group of insurers known as Kemper Insurance Companies filed limited objections to the plan, saying it did not contain sufficiently specific information about their claims and releases.

More specifically, CNA, which includes Continental Casualty...
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