Gibson Ch. 11 Disclosures Get Nod With Creditor Settlement

Law360, Wilmington (August 1, 2018, 8:46 PM EDT) -- The Chapter 11 disclosure statement of bankrupt instrument maker Gibson Brands Inc. received court approval Wednesday in Delaware after a debtor attorney described a settlement that resolved the objections of the official committee of unsecured creditors.

During a hearing in Wilmington, Gibson attorney Michael H. Goldstein of Goodwin Procter LLP told the court that the resolution called for a large increase in funds available for recovery by general unsecured creditors, from which senior secured lenders will not be able to make recoveries on account of their deficiency claims.

"In terms of the treatment of general unsecured creditor class under the plan,...

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