Bankruptcy/Chapter 11 / Banks
/ Diversified Financials
R&G Financial Plan Confirmed
The U.S. Bankruptcy Court confirmed R&G Financial’s Third Amended Chapter 11 Plan of Liquidation. According to documents filed with the Court, “The Debtor’s Plan contemplates an orderly liquidation of its remaining assets and ratable distribution of such remaining assets among its creditors. Substantially all of the Debtor’s parties in interest have reviewed, commented upon, and shaped the structure and design of the Plan. The Debtor submits that an orderly liquidation of its estate is in the best interests of all of its creditors.…” This banking services provider filed for Chapter 11 protection on May 14, 2010, listing total assets of $7.3 billion on its most recent pre-petition annual report filed with the SEC. The Company’s Chapter 11 petition indicated total assets of just $40.2 million. The asset discrepancy is the result of the April 30, 2010 Office of the Commissioner of Financial Institutions’ closure of R-G Premier Bank of Puerto Rico and subsequent appointment of the FDIC as receiver for the Bank.
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