ResCap Judge Says He Will OK Disclosure Statement

Law360, New York (August 21, 2013, 1:51 PM EDT) -- A New York bankruptcy judge said Wednesday that he will approve Residential Capital LLC’s disclosure statement, allowing it to begin the process of soliciting votes for its Chapter 11 plan and eventually provide some recovery to creditors with the help of a $2.1 billion settlement.

Attorneys for ResCap resolved the majority of the objections filed against its disclosure statement, and the remaining were overruled by U.S. Bankruptcy Judge Martin Glenn.

Though Judge Glenn sought more clarity for voters with respect to third-party releases, he was otherwise...
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