Ally Gets Month To Submit Rival Plan For Saab Bankruptcy

Law360, Wilmington (November 16, 2012, 5:08 PM EST) -- A Delaware bankruptcy judge on Friday gave Ally Financial Inc. one month to submit its own Chapter 11 liquidation plan for Saab Cars North America Inc., deferring approval of the disclosure statement presented by SCNA and its creditors committee until after the deadline.

SCNA and the committee filed a joint liquidation plan Oct. 17 and looked to start it down the road to confirmation Friday with approval of their disclosure statement and solicitation procedures, but Ally asked for a 60-day delay to submit a rival plan...
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