HomeBanc Slouches Toward Ch. 7

Law360, New York (February 5, 2009, 12:00 AM EST) -- Lacking the resources and the backing to realize its liquidation plan, stricken lender HomeBanc Mortgage Corp. has asked the court to convert its bankruptcy to a Chapter 7 proceeding.

On Tuesday, HomeBanc lodged its conversion request in the U.S. Bankruptcy Court for the District of Delaware, noting that protracted discussions with secured lenders and the creditors committee had failed to rally adequate support for the plan.

Faced with an impasse over the plan and scant resources, even after selling off virtually all its assets, HomeBanc has...
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.