Leiner Files Plan With Committee's OK

Law360, New York (July 21, 2008, 12:00 AM EDT) -- Following a settlement with lenders and unsecured creditors, Leiner Health Products Inc. filed a Chapter 11 plan that accounts for the completed sale of most of its assets to NBTY Inc. and would provide unsecured creditors with small recoveries on their claims.

The debtors filed a liquidation plan and disclosure statement Friday in the U.S. Bankruptcy Court for the District of Delaware, only a few days after the $400 million transaction with nutritional supplement maker NBTY closed.

The plan contemplates using the proceeds of the NBTY...
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