Retrieval-Masters Approved For Ch. 11 Wind Down Deal

Law360 (April 30, 2020, 6:43 PM EDT) -- Bankrupt collection agency Retrieval-Masters Creditors Bureau received approval from a New York judge Thursday for a settlement that will see the company's principal provide up to $1.5 million in funding to pay for an orderly wind down of the estate before its Chapter 11 case is dismissed.

During a hearing conducted via telephone conference, debtor attorney Steven Wilamowsky of Schiff Hardin LLP said in exchange for the funding, the debtor will release any claims it may have against the principal, Russell Fuchs, to ensure the case doesn't become administratively insolvent.

The deal paves the way for Retrieval-Masters to seek a consensual...

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