Irish Ritchie Funds File Chapter 11 Plans

By Marc Tracy

Law360, New York (June 12, 2008, 12:00 AM ET) -- Five months after a bankruptcy court approved their $452.5 million sales, two Irish investment companies established by Ritchie Capital Management LLC have each filed Chapter 11 plans, predicting limited recovery for creditors holding general unsecured claims.

Ritchie Risk-Linked Strategies Trading (Ireland) Ltd., known as Ritchie I, and Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. II, known as Ritchie II, also filed a joint disclosure statement in Wednesday in the U.S. Bankruptcy Court for the Southern District of New York.

Both plans contemplate using the proceeds of the...
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