AmFin Compromises With Noteholders In New Ch. 11 Plan

Law360, New York (July 26, 2011, 8:18 PM EDT) -- AmFin Financial Corp., the former parent of AmTrust Bank, presented a new Chapter 11 plan of reorganization Monday in Ohio bankruptcy court in an effort to reach a compromise with noteholders over the treatment of their claims.

Under the new plan, senior noteholders would agree to have their claims treated as unsecured, give up $2 million to other unsecured creditors and have any liens granted to them in a previous agreement disregarded.

In return, AmFin would allow the noteholders nearly $101 million in unsecured claims and...
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