BPP's New Ch. 11 Plan Approved After Creditor Deal

Law360, New York (September 28, 2011, 8:52 PM EDT) -- A Texas bankruptcy court approved BPP LLC's second reorganization plan on Wednesday after the bankrupt hotel operator reached a consensus with Citizens Bank of Pennsylvania, which had objected to the first Chapter 11 plan.

“Although we were confident in our legal position, we reached a resolution acceptable to both sides that we think produced an excellent result for our clients,” Joseph Wielebinski of Munsch Hardt Kopf & Harr PC, one of BPP's attorneys, told Law360 on Wednesday.

Citizens Bank, which holds a $66 million claim against...
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