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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...
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