NY Tower Developer Wins Approval For Bankruptcy Exit Plan

Law360, New York (May 9, 2012, 7:40 PM EDT) -- 785 Partners LLC won a bankruptcy judge's approval on Wednesday for a newly submitted Chapter 11 exit plan under which the firm will put to rest contentious negotiations by handing over a 43-story New York apartment building to First Manhattan Development REIT.

Following an hour-long hearing, U.S. Bankruptcy Judge Stuart M. Bernstein confirmed the amended plan, which was filed just Tuesday, after making minor changes.

Under the plan, First Manhattan will receive the glass-clad condominium that it had held as security for a note purchased from...
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