FGIC Corp. Expects Quick Trip Through Ch. 11

Law360, New York (August 4, 2010, 3:56 PM EDT) -- Insurance holding company FGIC Corp. has asked the court overseeing its bankruptcy proceedings to schedule an October confirmation hearing for a Chapter 11 plan under which holders of general unsecured claims would get substantially all the common stock in the reorganized company.

FGIC Corp. filed its bankruptcy petition and reorganization plan Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, with about $391.5 million in unsecured debt and holding about $11.5 million in cash.

In addition to the common stock in the...
To view the full article, register now.