Bankruptcy/Chapter 11 / Banks
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FirstFed Financial Plan Filed
FirstFed Financial creditor Holdco Advisors filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “The Plan provides for the reorganization of the Debtor and for Holders of certain Allowed Claims to receive equity in the Reorganized Debtor, with the option for each Holder of General Unsecured Claims to receive instead a “cash out” right of payment and/or a security that results in cash from certain of the Debtor’s assets, including Cash held by the Debtor as of the Effective Date. In order to effectuate the Distributions, the Plan provides that all of the assets of the Debtor’s Estate (including Causes of Action not expressly released under the Plan) shall vest in the Reorganized Debtorand then, where applicable, be distributed pursuant to the Plan.” The Court scheduled a March 14, 2012 hearing to consider the Disclosure Statement.
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