Triad Guaranty Plan Effective, Summarized
Triad Guaranty's Amended Joint Plan of Reorganization [Revised] became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on January 9, 2018. BankruptcyData's detailed Plan Summary notes, "The Combined Disclosure Statement and Plan is the product of negotiations between the Debtors and certain of their stakeholders. The Debtors believe that the Combined Disclosure Statement and Plan is reflective of these good faith negotiations and will treat holders of Claims or Interests in an economic and fair manner….The Liquidation Analysis for the Debtors estimates the Total Available Proceeds for Distribution to be $29.2 million. The recovery rate to the General Unsecured Claims is estimated to be between 11.95%." The Plan Summary further notes, "The Reorganized Debtor intends to use its existing business structure to create a broad based insurance and investment platform. The Reorganized Debtor and the Plan Proponents believe the Company's insurance holding company platform make it uniquely suited to make profitable investments in insurance assets as well as other financial and business assets. Insurance holding companies often invest in stable, long term, cash flowing investments to support long term capital needs." This mortgage insurance services provider filed for Chapter 11 protection on June 3, 2013, listing $97 million in pre-petition assets. Visit BankruptcyData for the full Plan Summary.
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