Open Range Inks Deal With Lender To Wind Down Ch. 7

Law360, Wilmington (December 18, 2012, 6:26 PM EST) -- Open Range Communications Inc.'s Chapter 7 trustee minted a settlement Tuesday that resolves a $6 million claim from the private equity investor that bankrolled its failed reorganization, removing the last obstacle holding up the defunct broadband company’s liquidation.

One Equity Partners III LP, Open Range’s majority shareholder and debtor-in-possession lender, has agreed to waive its DIP loan claim in return for $700,000 and half of the estate’s future recoveries in preference litigation, according to a settlement motion filed by trustee Charles M. Forman in Delaware bankruptcy...
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