ResCap resolves bondholder objection to Chapter 11 exit -source
NEW YORK Dec 3 (Reuters) - Bankrupt mortgage lender Residential Capital LLC has struck a deal with a class of bondholders to resolve the group's objection to its plan to exit bankruptcy, according to a source familiar with the matter.
The news came as ResCap filed court papers on Tuesday outlining a new exit plan which includes a $125 million payment to the bondholder group that was not in previous versions of the plan.
Lawyers for ResCap and the bondholders did not immediately respond to requests for comment. A hearing on ResCap's latest bankruptcy exit plan was scheduled for 2 p.m. EST (1900 GMT) in U.S. Bankruptcy Court in New York.