July 13, 2018 / 11:59 PM / 4 months ago

Unsecured creditors propose loan to repay Woodbridge’s alleged Ponzi victims

Unsecured creditors and noteholders of Woodbridge Group of Companies are seeking court approval for a plan to raise up to $215 million to pay noteholders who were victims of an alleged Ponzi scheme at the center of the luxury home developer’s bankruptcy.

Woodbridge’s official committee of unsecured creditors and its ad hoc noteholders group in court papers filed on Thursday in Bankruptcy Court in Delaware said their plan would provide a way to give many noteholders who sunk all they had into the company recoveries equal to 30 percent of their allowed net claims.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2KUhnmc

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