Delta Mills' Largest Secured Creditor Objects To Plan

Law360 (August 30, 2007, 12:00 AM EDT) -- GMAC Commercial Finance LLC is up in arms over Delta Mills Inc.'s proposed restructuring plan and has asked the bankruptcy court to deny confirmation, arguing the plan violates the terms of deals struck between the lender and the company.

GMAC Commercial Finance filed its objection Wednesday to the debtors' first amended joint plan of liquidation, urging U.S. Bankruptcy Court Judge Christopher S. Sontchi to reject Delta Mills' plan because it runs afoul of the terms and conditions the debtors agreed to at the outset of the...
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