Court OKs National Benevolent Association Reorganization Plan

Shields, Yvette
March 2005
Bond Buyer;3/3/2005, Vol. 351 Issue 32082, p3
Trade Publication
The article reports that Judge Ronald B. King, of the U.S. Bankruptcy Court for the Western District of Texas in San Antonio, yesterday confirmed National Benevolent Association's (NBA) reorganization plan--an action that moves bondholders one step closer to receiving all of their $220 million investment in the Saint Louis-based not-for-profit's tax-exempt debt. The plan calls for bondholders to receive 100% of the principal amount of their holdings and all interest accrued prior to NBA's Chapter 11 filing in February 2004--an unusually high repayment level in a bankruptcy case. Although the closing on the sale of the facilities remains a hurdle for the reorganization to become effective, the court's confirmation marks a significant step in the one-year-old bankruptcy filing that some believe should never have occurred because of NBA's assets.


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