Law360 (March 5, 2021, 11:12 PM EST) -- Two debt and equity holding affiliates of Ferrellgas LP, one of the nation's top propane distributors, secured Chapter 11 plan confirmation in Delaware on Friday, with a bankruptcy judge turning aside disclosure and fairness objections raised by three equity holders.
In the approval ruling, U.S. Bankruptcy Judge Mary F. Walrath pointed to "unheard of" reorganization provisions that could assure a partial recovery for current holders of debtor Ferrellgas Partners LP common unit equity — albeit diluted — even though holders of $357 million in higher priority notes issued by debtor Ferrellgas Finance Corp. might have to wait years for full payoff,...
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