RathGibson Disclosure Statement Gets Green Light

Law360, New York (April 9, 2010, 3:35 PM EDT) -- Bankrupt steel tube maker RathGibson Inc. has won approval of the disclosure statement for its Chapter 11 reorganization plan, which calls for the company's assets to be auctioned off and would provide full recovery for secured creditors.

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware approved the disclosure statement Wednesday, setting a confirmation hearing for May 21.

The order approving the plan at least temporarily resolves an objection by GE Capital Franchise Finance Corp., which said the plan improperly classified...
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