Homebanc Mortgage Lodges Liquidation Plan

Law360, New York (May 1, 2008, 12:00 AM EDT) -- Homebanc Mortgage Corp. has filed a Chapter 11 liquidating plan and disclosure statement, which estimates that the bankrupt lender will have at least $5 million left over for distribution to creditors.

Homebanc filed the joint consolidated liquidating plan, which has the support of Homebanc's unsecured creditors committee, on Wednesday in the U.S. Bankruptcy Court for the District of Delaware.

Under the proposed plan, holders of $223,500,000 in unsecured claims would be in line for a recovery of between 1% and 10%, and all equity interests would...
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