Creditors Blast PE Firm's Release In Angelica Bankruptcy

Law360, New York (August 22, 2017, 7:52 PM EDT) -- The unsecured creditors of Angelica Corp. fought back hard against its proposed Chapter 11 plan's release of claims for Trilantic North America, the debtor’s main equity investor, telling a New York bankruptcy court it should not shut the door on potential post-confirmation claims against Trilantic.

The unsecured creditors committee’s objection to the release is the last hurdle Angelica needs to clear before its plan can be confirmed. U.S. Bankruptcy Judge James L. Garrity overruled two other objections at Tuesday’s hearing, and a third was withdrawn voluntarily.

The dispute centers around how Trilantic’s role in Angelica’s bankruptcy should be viewed and which...

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