Ally Blasts Saab's Ch. 11 Plan, Will Devise Alternative

Law360, Wilmington (October 19, 2012, 6:51 PM EDT) -- Ally Financial Inc. launched an objection Friday to Saab Cars North America Inc.'s recently submitted Chapter 11 liquidation plan and asked the Delaware bankruptcy court to defer its consideration until the lending giant finalizes a plan of its own.

Ally claims SCNA and the committee of unsecured creditors filed a joint liquidation plan Wednesday to keep the lender from playing a meaningful part in the resolution of the bankruptcy process, despite its status as the estate's largest creditor.

The rush to file the plan and the...
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