Daily News: November 26, 2012

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.

Previously on abfjournal.com:

Court Approves Dewey Settlement With Partners, Estate, Friday, October 12, 2012