Palm Harbor Plan Yields Up To 21% For Creditors

Law360, New York (August 9, 2011, 6:40 PM EDT) -- Palm Harbor Homes Inc. on Friday filed a liquidation plan in Delaware that will see unsecured creditors and bondholders recover up to 21 percent of the claims against the bankrupt builder of modular and manufactured homes.

The liquidation plan establishes a liquidating trust and allows holders of convertible senior notes Palm Harbor issued in 2005 to recover between 16.7 percent and 21 percent of nearly $55 million that is still outstanding on the bond issue. Holders of general unsecured claims will be able to recover a...
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