ResCap's $2B Ally Deal Approved, Examiner Report Unsealed

Law360, New York (June 26, 2013, 3:10 PM EDT) -- Residential Capital LLC and its former parent Ally Financial Inc. on Wednesday saw their $2.1 billion settlement with creditors who threatened to take Ally to court over ResCap’s bankruptcy approved, securing a significant step toward a Chapter 11 plan confirmation.

At the same time, U.S. Bankruptcy Judge Martin Glenn said he would unseal a report from an independent examiner, former U.S. Bankruptcy Judge Arthur Gonzalez, that focuses on multibillion-dollar transfers of ResCap’s operating assets to Ally before ResCap’s bankruptcy.

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