Modular Space Holdings Wins Ch. 11 Plan Confirmation

Law360, Wilmington (February 15, 2017, 8:39 PM EST) -- Temporary structure company Modular Space Holdings Inc. won confirmation of its Chapter 11 plan Wednesday to lighten its $1 billion debt load by swapping out roughly $400 million in liabilities for equity in a reorganized company after presenting the Delaware bankruptcy court with a restructuring strategy with unanimous support.

During a hearing in Wilmington, Modular Space attorney James L. Bromley of Cleary Gottlieb Steen & Hamilton LLP said that 100 percent of the company’s creditors voted in favor of the plan that hands over control to...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.