1st Step In PCD's Ch. 11 Liquidation Plan Approved

Law360, Miami (February 26, 2014, 9:34 PM EST) -- A New York bankruptcy judge on Monday signed off on the disclosure statement for Personal Communications Devices LLC's liquidation plan, making the wireless device manufacturer one step closer to exiting Chapter 11 protection.

U.S. Bankruptcy Judge Alan S. Trust approved PCD's disclosure statement, which will allow creditors to vote on the liquidation plan that pays secured creditors in full but estimates just 2.8 percent recovery for unsecured creditors, who are owed $175 million.

Judge Trust set a confirmation hearing date for April 9.

Much of the...
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