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Indenture Trustee Blasts FLYi Liquidation Plan

Law360 (February 15, 2007, 12:00 AM EST) -- The indenture trustee for noteholders in the FLYi bankruptcy has objected to the company’s liquidation plan, saying it is unfair and not in the best interest of creditors.

In a 64-page document filed Monday in the U.S. Bankruptcy Court for the District of Delaware, the U.S. Bank National Association argues that FLYi’s plan doesn’t meet numerous standards it must comply with before the court can grant approval. U.S. Bank is the trustee for holders of FLYi's $125 million 6% convertible notes due in 2034.

“The plan...
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