ResCap, Bondholders Make Peace Over Ch. 11 Plan

Law360, New York (December 3, 2013, 8:49 PM EST) -- Residential Capital LLC announced Tuesday it had reached a deal with a group of bondholders opposed to its liquidation plan, resolving a long-running feud over interest payments with a settlement that would see junior secured noteholders recover an additional $125 million.

Outlined in a notice filed in New York bankruptcy court and detailed in a revised Chapter 11 plan, the settlement would defuse the hotly litigated dispute between ResCap and an ad hoc group of junior secured noteholders and remove a major obstacle to confirmation of...
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