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Lionel Races Toward Bankruptcy Exit

Law360 (April 1, 2008, 12:00 AM EDT) -- The federal judge overseeing Lionel LLC's bankruptcy case has given his blessing to the model-train-maker's proposed reorganization plan, paving the way for the company to finally exit Chapter 11 after a nearly four-year stint.

On Monday, U.S. Bankruptcy Judge Burton Lifland confirmed the proposal, authorizing the debtors to consummate the third amended plan that they pitched to him weeks ago.

“Consistent with the overriding purpose of Chapter 11 of the Bankruptcy Code, the third amended plan is designed to allow each of the debtors to reorganize...
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