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Judge OK's Riverstone’s Reorganization Plan

Law360 (August 10, 2006, 12:00 AM EDT) -- Taking the next step in its Chapter 11 liquidation proceedings, Riverstone Networks Inc. scored bankruptcy court approval Wednesday of its disclosure statement, detailing its plans for repaying creditors and stockholders.

Under the terms of the Ethernet provider’s reorganization plan, shareholders can expect a per-share recovery that meets or exceeds the stock's highest trading price in the 15 months prior to the announcement of its $207 million sale to rival Lucent Technologies Inc. in February, according to court documents.

The Santa Clara, Calif.-based company, which filed for...
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