Delta Financial Files Ch. 11 Reorganization Plan

Law360, New York (September 16, 2008, 12:00 AM EDT) -- Beleaguered mortgage lender Delta Financial Corp. filed its Chapter 11 reorganization plan and disclosure statement Monday, initiating what the company hopes will be a speedy process of liquidating all of its assets in order to pay its creditors.

The plan, filed in the U.S. Bankruptcy Court for the District of Delaware, proposes two classification and distribution options for liquidating the company's assets and depends on the court's approval of consolidating the debtors for administrative purposes or treating them as separate entities. A hearing to consider the...
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