Thaxton Deal Gives Second Wind To Finova Case

Law360, New York (December 4, 2006, 12:00 AM EST) -- A federal bankruptcy judge has greenlighted a settlement between Finova Capital Corp. and Thaxton Group Inc., paving the way for a reopening of Finova’s long-dead bankruptcy case.

On Monday, U.S. Bankruptcy Judge Peter Walsh signed off on the deal, ending Thaxton’s run in bankruptcy but potentially reviving Finova’s case.

Earlier this month, Finova asked the court to let it reenter Chapter 11, five years after first emerging from that state, in order to sell off its assets.

Before the company would be allowed to reenter Chapter...
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