Velocity Holdings Cleared For Vote On $400M Ch. 11 Plan

Law360, Wilmington (February 14, 2018, 8:49 PM EST) -- A Delaware bankruptcy judge gave motorsports company Velocity Holding Co. Inc. the green light Wednesday to poll creditors on its Chapter 11 plan to rework more than $400 million in debt after hearing that concerns from unsecured creditors over how liability releases were described had been resolved.

During a short hearing in Wilmington, U.S. Bankruptcy Judge Kevin J. Carey approved the disclosure statement for Velocity’s Chapter 11 plan, which is based on a restructuring support agreement the company came into court with, and scheduled a hearing for March 28 to consider confirmation of the plan.

“We believe that having our confirmation...

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