ResCap's $2B Ally Deal Approved, Examiner Report Unsealed

Law360, New York (June 26, 2013, 3:10 PM EDT) -- Residential Capital LLC and its former parent Ally Financial Inc. on Wednesday saw their $2.1 billion settlement with creditors who threatened to take Ally to court over ResCap’s bankruptcy approved, securing a significant step toward a Chapter 11 plan confirmation.

At the same time, U.S. Bankruptcy Judge Martin Glenn said he would unseal a report from an independent examiner, former U.S. Bankruptcy Judge Arthur Gonzalez, that focuses on multibillion-dollar transfers of ResCap’s operating assets to Ally before ResCap’s bankruptcy.

“I hope you all enjoy reading the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.