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Doral Financial Disclosure Statement Approved

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The U.S. Bankruptcy Court approved Doral Financial’s Disclosure Statement and scheduled a July 25, 2016 hearing to consider the Amended Plan of Reorganization.

According to the Disclosure Statement, “The goal of the Plan is to resolve outstanding Claims against and Equity Interests in the Debtor. Although the Debtor does not intend to re-commence commercial banking operations through a new subsidiary following the Effective Date, the proposed Plan will permit the Debtor’s estate to continue winding down its operations and liquidating its assets in an organized way that will maximize the value of its assets for distribution to creditors. In particular, the Plan will permit the Debtor to make substantial distributions to creditors in the near term and best preserve the Debtor’s ability to monetize the Tax Attributes, which has the potential to meaningfully increase creditor recoveries.”

The final ballot by which interested parties must file ballots and/or objections for the Plan is July 11, 2016. Read more banking & finance bankruptcy news.

 

The post Doral Financial Disclosure Statement Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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