AOL Latin America Wins Approval To Liquidate

Law360, New York (April 26, 2006, 12:00 AM EDT) -- A federal bankruptcy court has given AOL Latin America Inc. the go-ahead to liquidate, allowing the flailing Internet unit to shed its liabilities and turn over all of its assets to three major shareholders.

On Tuesday, the U.S. Bankruptcy Court for the District of Delaware confirmed the liquidation plan, capping off a reorganization process that has stretched on for nearly a year.

Under the approved plan, unsecured creditors will now recover 100% of their claims by agreeing to release the debtor from all liability, an earlier...
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