C-Bass Ch. 11 Plan Would Repay Unclassified Claims

Law360, New York (February 9, 2011, 6:16 PM EST) -- Subprime mortgage investor Credit-Based Asset Servicing and Securitization LLC has filed a Chapter 11 reorganization plan that calls for payment in full of all unclassified claims and the substantive consolidation of seven of the debtor's eight estates.

C-Bass filed the plan on Tuesday in the U.S. Bankruptcy Court for the Southern District of New York. It also provides that all allowed Class 1 Priority Non-Tax claims will be paid in full and holders of Class 2 senior lender claims will receive all cash that does not...
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