Zohar Can Continue Ch. 11 Sale Plans Despite End Of Stay

Law360 (July 13, 2020, 10:26 PM EDT) -- A Delaware federal judge on Monday upheld a September bankruptcy court decision that the sale of the Zohar Funds portfolio companies must continue despite the end of the stay of litigation between the funds and founder Lynn Tilton.

U.S. District Judge Maryellen Noreika's opinion upheld the bankruptcy court's finding that, under the terms of a settlement, the funds and Tilton had to continue the joint sale process until the estate's obligations are either paid or both sides decide to quit, saying that Tilton's attempt to argue otherwise ignored "unambiguous" language in the agreement.

The Zohar funds filed for Chapter 11 in...

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