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...
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