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9.12.13 – (LAA) – Judge Approves Plan of Reorganization


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APFA Merger Update – Judge Approves Plan of Reorganization

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Today, US Bankruptcy Court Judge Sean Lane confirmed American’s Plan of Reorganization. He overruled all objections to confirmation except he upheld the objection of the U.S. Trustee to Mr. Horton’s compensation stating that the payment was impermissible under the Bankruptcy Code.

Judge Lane indicated that he will issue a written ruling later this week in which he will explain the reasons for his decision. While the Plan is now confirmed it will not go into effect until the DOJ’s lawsuit is resolved either by a court decision or a settlement.

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