Interstate Earmarks Funds For Creditors

Law360, New York (January 29, 2008, 12:00 AM EST) -- Hoping to placate unsecured creditors, Interstate Bakeries Corp., the maker of Wonder Bread, has revised its reorganization plan to increase funds earmarked for them.

In court documents filed on Friday in the U.S. Bankruptcy Court for the Western District of Missouri, IBC revised its plan to include a 30% recovery for unsecured creditors. Secured creditors and lenders will receive stock in the new company to compensate them for the full value of their claims, the company said.

Upon emerging from Chapter 11 with the help of...
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.