BankUnited committee statement approved; plan hearing set for Feb. 21

By Caroline Salls

Pittsburgh, Dec. 20 - BankUnited Financial Corp.'s official committee of unsecured creditors received court approval of the disclosure statement related to the plan of liquidation it filed for the company, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

The plan confirmation hearing is scheduled for Feb. 21.

The plan calls for the monetization and distribution of the company's assets.

Treatment of creditors will include the following:

• Administrative claims, priority claims and priority tax claims will be paid in full in cash;

• Holders of secured claims will either be paid in full in cash, receive the collateral securing the claim or receive other treatment that renders the claim unimpaired;

• Holders of senior notes claims and general unsecured claims will receive a distribution of net free cash;

• Holders of subordinated notes claims will receive a distribution of net free cash, but that distribution will be subject to senior notes subordination provisions;

• Holders of BankUnited Financial Corp. preferred and common stock interests will receive no distribution; and

• Holders of BankUnited Financial Services, Inc. and CRE America Corp. stock interests will receive any net free cash remaining after payment in full of all allowed claims.

BankUnited Financial, the holding company for BankUnited FSB, filed for bankruptcy on May 22, 2009. The company is based in Coral Gables, Fla. The Chapter 11 case number is 09-19940.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.