Cadence Liquidation Plan Includes Key $30M Note Deal

Law360, New York (April 27, 2011, 4:47 PM EDT) -- Cadence Innovation LLC filed a liquidation plan Tuesday in Delaware that includes an approximately $30 million settlement with two private equity funds that purchased subordinated notes from the auto parts maker two years before it entered bankruptcy.

Venture Blocker Inc. and units of The Yucaipa Cos. LLC had made claims totaling approximately $61.5 million against Cadence's estate soon after its August 2008 Chapter 11 filing in Delaware bankruptcy court. The claims by the two companies make up the bulk of the $52 million to $70 million...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.