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Marsh Supermarkets Gets Del. Ch. 11 Liquidation Approval

Law360 (June 11, 2018, 9:04 PM EDT) -- Conceding that his decision was a close call, a Delaware bankruptcy judge on Monday confirmed a liquidating Chapter 11 plan for remnants of the Marsh Supermarkets chain, overruling a U.S. trustee objection to provisions for blanket, nonconsensual liability releases.

Judge Brendan L. Shannon noted concern about the releases, which would be granted to junior noteholders Marsh Group Finance LLC, its affiliates and others. The concessions would take effect without a creditor opportunity to vote on the releases and despite ordinary bankruptcy practices limiting liability release approvals...
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