ResCap Ends Bankruptcy As Judge Confirms Liquidation Plan

Law360, New York (December 11, 2013, 12:26 PM ET) -- Residential Capital LLC on Wednesday received a bankruptcy judge's approval of its liquidation plan a year and a half after it first entered Chapter 11 and just a week after an accord was reached with bondholders who were demanding more than $400 million in additional interest and fees.

In confirming the plan, U.S. Bankruptcy Judge Martin Glenn called the case "the most legally and factually complex" bankruptcy that he's presided over in his seven years on the bench. Though he said certain constituencies took too long...
To view the full article, register now.