Court Confirms NetBank's Liquidation Plan

Law360, New York (September 12, 2008, 12:00 AM EDT) -- NetBank Inc., the holding company behind the former online bank, has won confirmation of its Chapter 11 liquidation plan after a yearlong bankruptcy.

The plan was confirmed at a hearing on Wednesday in the U.S. Bankruptcy Court for the Middle District of Florida.

“We are pleased that we can move forward,” said Todd Meyers, an attorney for the unsecured creditors committee.

An attorney for NetBank declined to comment on the confirmation.

NetBank's liquidation plan, filed in May and amended slightly in July, provides for priority claims,...
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.