A Delaware bankruptcy judge has given the go ahead for a Chapter 11 liquidation plan for Woodbridge Group of Companies LLC, a high-end real estate developer tied to a $1 billion Ponzi scheme.
The liquidation plan for Woodbridge, consisting of 279 debtors, is reasonable and should be approved over the objections of dissenting creditors, the U.S. Bankruptcy Court for the District of Delaware held.
Substantive consolidation of the debtors in the plan is also appropriate because of the “hopeless commingling of assets and liabilities,” Judge Kevin J. Carey wrote Oct. 26.
A substantial majority of the creditors constituencies voted in ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.