Court Approves Ceres Bankruptcy Plan, Assets Sale

Law360, New York (May 28, 2008, 12:00 AM EDT) -- A federal judge has approved a bankruptcy plan for Ceres Capital Partners LLC, allowing the investment management firm to proceed with its liquidation, now that the objections of its unsecured creditors are resolved.

Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York authorized Ceres on Friday to sell its remaining assets to Ivy Square Ltd. for $50,000 under a plan that allows unsecured creditors to recover 21% of their claims.

“I believe that the plan represents the best possible...
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