Creditors vote on competing Chapter 11 plans

Most debtors that file for Chapter 11 relief are granted the exclusive right to file a proposed plan of reorganization for creditors to consider. In the Ahern Rentals case, a bankruptcy judge has allowed bondholders to propose a competing Chapter 11 plan for creditors to consider. Creditors can view both plans and vote on the plan that they like best. The deadline to cast ballots for both plans is May 13 with a hearing scheduled to begin on June 3.

For more details on this story read, “Judge Allows Creditors to Vote on Rival Plans for Ahern.

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