Deadline Today on National Benevolent Association Reorganization Plan

Shields, Yvette
February 2005
Bond Buyer;2/25/2005, Vol. 351 Issue 32078, p4
Trade Publication
The article reports that municipal bondholders face a deadline of today to vote on the National Benevolent Association's (NBA) proposed reorganization plan which paves the way for repayment of the organization's $220 million of tax-exempt debt. NBA's class of creditors are divided into two groups and for each voting class, acceptance of the plan requires a favorable vote of at least 66.66% in dollar claims owned by voting creditors in each class and they must represent over 50% of the voting creditors in each class. Interest accruing after the bankruptcy filing date will be paid at a rate of 2.17% if the reorganization takes effect by the target date of February 28, 2005.


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