Court Approves ResMae's Reorganization Plan

Law360, New York (June 6, 2007, 12:00 AM EDT) -- A bankruptcy judge has confirmed ResMae Mortgage Corp.'s reorganization plan, clearing the way for the subprime lender to emerge from Chapter 11 and be acquired by hedge fund Citadel Investment Group LLC.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware confirmed the plan Tuesday and ResMae expected the plan to take effect on June 15.

"Today's decision represents a critical step for us as we move our business forward with renewed energy and excitement about the prospects of ResMae and...
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