Accredited Wins Ch. 11 Liquidation Plan Approval

Law360, Wilmington (May 19, 2011, 7:01 PM EDT) -- Bankrupt mortgage firm Accredited Home Lenders Holding Co. scored bankruptcy court approval of its liquidation plan Thursday, handing a better-than-expected recovery to unsecured creditors after two years in Chapter 11 protection.

U.S. Bankruptcy Judge Mary F. Walrath gave her blessing to the plan, under which unsecured creditors will see a recovery of 65 to 100 percent on their claims, up from an initial estimate of 5 to 10 percent. This improved outlook was the result of a global settlement resolving a host of claims and counterclaims...
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