Reuters: Dewey Files Bankruptcy Liquidation Plan
Reuters reported that Dewey & LeBoeuf filed papers seeking approval of its liquidation plan with a federal bankruptcy court. The move came almost six months after the storied law firm filed for Chapter 11 bankruptcy protection.
If the liquidation is approved, secured lenders will have $261.9 million in allowed claims, according to the filing, and another $100 million in claims that the plan would treat as unsecured, Reuters said.
Reuters notes, according to the disclosure statement, that the liquidation plan has a different approach for other secured creditors, who are owned money related to equipment leases and personal property. To date, those secured creditors have filed $44.5 million in claims.
To read the full Thomson Reuters news release, click here.
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