Graceway's Ch. 11 Plan Hinges On Asset Sale

Law360, New York (January 26, 2012, 6:14 PM EST) -- Graceway Pharmaceuticals LLC filed a Chapter 11 plan Wednesday in Delaware bankruptcy court that calls for the liquidation of substantially all its remaining assets and the resolution of all claims against the company.

“This is a liquidating plan pursuant to which substantially all of the debtors' assets are to be transferred to a liquidating trust ... that will liquidate such assets and make distributions to holders of allowed claims, whose claims against the debtors will be exchanged for a beneficial interest in the liquidating trust,” the...
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