Bondholders Slam ResCap's Foot-Dragging On Ch. 11 Plan
By Maria Chutchian
Law360, New York (April 30, 2013, 2:39 PM ET) -- A group of junior secured bondholders on Monday said it is ready to put together a reorganization plan for Residential Capital LLC, urging a New York bankruptcy judge to deny the fallen mortgage servicer’s request for more time to file a plan before others can be offered.
The ad hoc group, one of the few creditor groups with allowed claims against ResCap’s holding company and two major operating entities, attacked ResCap’s bid for an extension to July 10 to file a plan without the threat of...