Bankruptcy/Chapter 11 / Banks
/ Diversified Financials
Imperial Capital Bancorp Plan Filed
Imperial Capital Bancorp and Holdco Advisors filed with the U.S. Bankruptcy Court an Amended Plan of Reorganization and Revised Second Amended Disclosure Statement. The Disclosure Statement explains, “Ultimately, after numerous discussions and extensive analysis of the costs and benefits of a plan of liquidation and a plan of reorganization, the Plan Proponents determined that a plan of reorganization would best maximize value for the Debtor’s Estate. Holdco delivered to the Debtor a letter informing the Debtor that it supported a reorganization, and a Term Sheet setting forth the material terms of that reorganization. The Debtor and Holdco, on behalf of itself and certain other creditors, thereafter negotiated the terms of the Plan and each believes the Plan will maximize recoveries for the Debtor’s estate.” The Court scheduled a January 17, 2012 hearing to consider the Disclosure Statement.
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