Bankrupt subprime lender PrimaLend Capital Partners LP got court approval of its Chapter 11 plan, which includes a debt for equity swap with two of its lenders and a liquidating trust.
The case required a lot of “give and take” to reach a nearly consensual resolution, resulting in a “very quiet” courtroom, Judge Mark X. Mullin said during a Friday hearing in the US Bankruptcy Court for the Northern District of Texas.
About 30 employees will be allowed to retain their positions in the reorganized company, according to PrimaLend attorneys, which Mullin noted was a positive thing.
“They’re never forgotten ...