Bankrupt Holding Co.'s Plan To Sell Dallas Bank OK'd

Law360, Wilmington (November 20, 2013, 10:14 PM EST) -- A Delaware bankruptcy judge gave approval on Wednesday for holding company North Texas Bancshares Inc. to auction its interests in Park Cities Bank in a $7.4 million stalking horse transaction over the objections of a slew of unsecured creditors, who argued the deal protections were much too stringent.

After a hearing that spanned two days, U.S. Bankruptcy Judge Kevin Gross said he recognized that several unsecured creditors — which are owed more than $30 million under junior subordinated debentures issued as trust preferred securities — were...
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