Judge Approves New Stream's Creditor-Backed Ch. 11 Plan

Law360, Wilmington (April 23, 2012, 8:06 PM EDT) -- New Stream Secured Capital Inc. on Monday won Delaware bankruptcy court approval of its liquidation plan, which was delayed for a year as creditors scuffled over the remains of the hedge fund’s life settlement investment business.

The plan is premised on a global settlement of various thorny intercreditor disputes and pays back creditors with $127.5 million raised from the sale of New Stream's life settlement investment portfolio. In May, the court approved the sale of the portfolio to an affiliate of McKinsey & Co.

The Ridgefield,...
To view the full article, register now.