White Energy Ch.11 Plan Ruffles Creditors

Law360, New York (January 8, 2010, 2:17 PM EST) -- Bankrupt ethanol producer White Energy Inc.’s proposed Chapter 11 plan, which seeks to restructure $150 million in debt and give lenders the new stock in the company, has provoked resistance from Texas tax authorities as well as creditors concerned about rushing a vote on the disclosure statement.

With a hearing for the disclosure statement to take place Jan. 14 in the U.S. Bankruptcy Court for the District of Delaware, the official committee of unsecured creditors lodged a limited objection Thursday, noting that while the majority of...
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