Rowe Cos. Creditors Approve Plan, Nixing Ch. 7

Law360, New York (October 31, 2007, 12:00 AM EDT) -- The Rowe Cos. has racked up two major victories with its confirmation hearing. Creditors have voted to approve its plan, and it has successfully fended off the U.S. trustee's bid to switch the bankruptcy to Chapter 7.

On Thursday, Judge Stephen Mitchell signed off informally on the existing Chapter 11 plan for selling off all the company's new stock to American Communications. That plan, the company's fourth, had been filed Sept. 12 in the U.S. Bankruptcy Court for the Eastern District of Virginia.

And on Friday,...
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