UBP Advances Ch. 11 Plan With Creditors' Support

Law360, New York (January 31, 2011, 7:18 PM EST) -- Universal Building Products Inc. gained court approval Monday to begin soliciting creditors on its Chapter 11 liquidation plan — with the debtors touting a newfound consensus reached with the unsecured creditors committee and its replacement counsel.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware signed off on the defunct concrete construction company’s disclosure statement, which reflected, among other changes, an amendment limiting release language in the plan to allow claims against directors and officers when “fraud and intentional misconduct” is...
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