GE Capital Objects To RathGibson Plan To Exit Ch. 11

Law360, New York (April 6, 2010, 7:41 PM EDT) -- Creditor GE Capital Franchise Finance Corp. has objected to the latest plan of reorganization filed by bankrupt steel tube maker RathGibson Inc., claiming the plan improperly classifies as unimpaired its claim related to a $1.7 million loan guaranty.

The finance company's objection, lodged Monday in the U.S. Bankruptcy Court for the District of Delaware, reasons that the ultimate winner of an auction for the debtor's assets set for May 19 is not known to GE Capital, and therefore the claim can't be deemed unimpaired because it...
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