Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Doral Properties Plan Effective

0
0

Doral Properties’ Chapter 11 Plan of Liquidation became effective following the August 10, 2016 U.S. Bankruptcy Court order confirming the Plan.

As previously reported, “Among other things, the Plan provides for the Debtor to establish a liquidating trust and liquidate its remaining assets. The Plan provides for each holder of an Allowed AFICA Secured Claim to receive, via distribution to the Indenture Trustee and in full satisfaction and discharge of its Claim against the Debtor, a pro rata share of the Debtor’s cash available for distribution and interests in the Liquidating Trust.”

Court-filed documents continue, “The Plan further provides for no distributions to holders of General Unsecured Claims or Equity Interests.” This proceeding was consolidated under the lead case of Doral Properties’ parent Doral Financial, which filed a separate Amended Joint Plan of Reorganization. The Court confirmed Doral Financial’s Plan on August 10, 2016; and Doral Financial emerged from bankruptcy on October 28, 2016. Doral Financial  (d/b/a Doral Financial Puerto Rico Corporation) filed for Chapter 11 protection on March 11, 2015, listing $8.5 billion in pre-petition assets.

Read more bankruptcy news.

The post Doral Properties Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images