Local Insight Creditors Cleared To Vote On Ch. 11 Plan

Law360, Wilmington (September 20, 2011, 6:12 PM EDT) -- A Delaware bankruptcy judge on Tuesday approved private equity firm-owned Local Insight Media Holdings Inc.'s disclosure statement, clearing the Yellow Pages publisher to send its reorganization plan to creditors for a vote.

U.S. Bankruptcy Judge Kevin Gross signed off on the document after Local Insight added disclosures explaining the rationale behind releases granted to the company’s management and its majority owner, private equity firm Welsh Carson Anderson & Stowe.

The U.S. trustee had objected to the disclosure statement because the released parties were not shown to...
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