A bankrupt unit of Classic Car Club Manhattan, a club that lets members drive luxury vehicles, received approval for a Chapter 11 plan that grants some unsecured creditors equity in the reorganized company.
New York Classic Motors LLC’s fourth amended plan, approved Monday by Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York, allows general unsecured creditors to recover at least 83% of their claims.
The luxury and vintage car club will remain in business while it pays back creditors.
The latest plan improves unsecured creditors’ recovery over previous proposals that called for ...
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