6th Circuit Nixes Bid To Change UP Chapter 11 Plan

Law360, New York (May 29, 2008, 12:00 AM EDT) -- A federal appeals court on Wednesday nixed creditors' bids to vacate agricultural cooperative United Producers Inc.'s bankruptcy plan, ruling that the plan had been substantially consummated and that third parties would be adversely affected if the plan was suddenly changed.

United Producers Inc., a co-op owned by farmers and ranchers in the Corn Belt, had its Chapter 11 plan confirmed in October 2005. Creditors in the bankruptcy case appealed, but the bankruptcy appellate panel found in October 2006 that there was no reason to vacate the...
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