GB Holdings Creditors Submit Chapter 11 Plan

Law360, New York (April 5, 2006, 12:00 AM EDT) -- In a move sure to draw fire from majority stakeholder Carl Icahn, the unsecured creditors for GB Holdings Inc., the former owner of the Sands Hotel and Casino in Atlantic City, have filed a Chapter 11 plan this week on behalf of the struggling company.

On Tuesday, the unsecured creditors’ committee submitted a plan in U.S. Bankruptcy Court in New Jersey that promises to pay secured creditors in full and offers shareholders the possibility of some recovery if the first condition is met.

The company filed...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.