First NBC Bank Holding Company filed with the U.S. Bankruptcy Court a First Amended Chapter 11 Plan and related Disclosure Statement.
According to the Disclosure Statement, “The FDIC Settlement Order authorized the Debtor to enter into a settlement agreement with the FDIC resolving all pending matters between the parties. The following briefly summarizes the Settlement Agreement….The NQDC Trust Funds shall be split, with 75% of the Trust Funds ($445,263.63) wired to the Debtors bank account, and 25% of the Trust Funds ($148,421.21) wired to the FDIC-Rs bank account, with a corresponding split of the interest accrued since entry of the Reconsideration Order….The Reimbursement Claim shall be split, with $1.5 million payable to the Debtor, and the balance remaining in the Zurich Policy….The parties agreed that the Tax Refunds belong, in full, to the FDIC-R….With respect to the proof of claim filed by the FDIC-R, the Tax Benefit Reimbursement Claim shall be allowed in full for all purposes as a general unsecured claim in the principal amount of $3.45 million.”
Read more bankruptcy news on financial companies.
The post First NBC Bank Holding Company Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.