ResCap Seeks Approval Of $800M Settlement With Junior Secured Noteholders

ResCap Seeks Approval Of $800M Settlement With Junior Secured Noteholders

NEW YORK - Bankrupt mortgage company Residential Capital LLC (ResCap) on May 7 moved for authorization of a plan to partially satisfy certain secured claims held by junior secured noteholders, under which it would pay $800 million to avoid potentially having to pay more to the noteholders if they were to prevail in an adversary proceeding (In Re: Residential Capital LLC, No. 12-12020, Chapter 11, S.D. N.Y. Bkcy.).

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