Judge: Junior Noteholders In ResCap Bankruptcy Entitled To Collateral Of $1.84B

Judge: Junior Noteholders In ResCap Bankruptcy Entitled To Collateral Of $1.84B

NEW YORK - The federal bankruptcy judge presiding over the Chapter 11 proceeding of Residential Capital LLC (ResCap) on Nov. 15 ruled that the baseline collateral of the Junior Secured Noteholders (JSNs) should be adjusted to $1,846,155,468 based on the fact that the JSNs are undersecured (Official Committee of Unsecured Creditors v. UMB Bank NA [In Re: Residential Capital LLC], No. 12-12020, Adv. No. 13-01277, Chapter 11, S.D. N.Y. Bkcy.).

Find full version on lexis Advance®
Access this news story on lexis.com®