Ampal Plan Advances As Brown Rudnick Eases Contempt Bid

Law360, New York (February 21, 2013, 3:58 PM EST) -- A New York bankruptcy judge said Thursday that he will approve bankrupt energy investment company Ampal-American Israel Corp.’s disclosure statement, the same day Brown Rudnick LLP said it will likely drop its bid to hold the company’s directors in contempt for missed payments.

U.S. Bankruptcy Judge Stuart M. Bernstein’s blessing of the disclosure statement, which he will issue following a handful of minor tweaks, will allow Ampal-American to begin soliciting votes for its Chapter 11 plan and eventually exit bankruptcy.

Meanwhile, creditors’ counsel Edward S. Weisfelner...
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