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Newbury Affiliates Reach Deal On Ch. 11 Plan Confirmation

Law360, Wilmington (May 18, 2017, 7:12 PM EDT) -- Property-owning affiliates of Newbury Common Associates LLC received court approval for their plan of liquidation Thursday in Delaware bankruptcy court after reaching terms on a settlement with secured lenders to reduce their claims by more than 75 percent.

During a hearing in Wilmington, debtor attorney Robert Brady of Young Conaway Stargatt & Taylor LLP said the debtors proposing the plan had reached an agreement with secured lenders for distributions to be made from the estate that enabled the confirmation hearing to proceed unopposed.

“The debtors believe...
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