ResCap Confident Ch. 11 Exit Will Be Smooth

Law360, New York (November 4, 2013, 8:56 PM EST) -- Attorneys for Residential Capital LLC and its unsecured creditors told a New York bankruptcy court Monday that they expect the fallen mortgage servicer’s plan confirmation hearing to be largely uncontested, with the exception of a long-running dispute over interest payments to junior secured noteholders.

At a hearing before U.S. Bankruptcy Judge Martin Glenn, Gary S. Lee of Morrison & Foerster LLP said ResCap has resolved many of the objections lodged against the plan, which rests on a global settlement involving former parent Ally Financial Inc. reached...
To view the full article, register now.