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Longest Business Bankruptcy Drags On

As the largest and longest business bankruptcy in history, it comes as no surprise that the company facing Chapter 11 has hit another bump in the road.

According to a new statement released this week, one hedge fund, backed by other hedge funds, is planning on rejecting the settlement that has been proposed by the company's legal staff. This is a tough blow to the legal team that has already garnered support from other creditors who are owed $130 billion. Yet, when compared to the total $350 billion worth of claims against the company, the hedge funds will prove to be a potent force in shaping the final settlement.

After reviewing the settlement, the challenging hedge fund responded by saying the company engaged in "horse-trading" by devaluing payouts to some creditors while increasing the value of payouts to others. Since bankruptcy law states that more than 50% of creditors within each group of claimants must approve the settlement, it seems as though the company may have to continue their struggle to get a settlement approved by all parties.

Planning to file for bankruptcy in the state of Illinois? If so, become aware of your options by consulting with a Chicago bankruptcy attorney from our law office. Contact Bizar & Doyle, LLC now to set up an initial consultation.
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Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
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