P.M. BRIEFING : Hunt, Creditors Reach Accord
From Times Wire Services
DALLAS —
Former billionaire brothers William Herbert Hunt and Nelson Bunker Hunt could emerge from bankruptcy before the end of December following a compromise reached by major creditors.
With a federal bankruptcy judge poised to convert the Chapter 11 bankruptcy of William Herbert Hunt to a Chapter 7 liquidation, spokesmen for two creditors, Minpeco S.A. and Manufacturers Hanover Trust Co. of New York, announced Monday they agreed on settlement terms.
Terms were not disclosed, however.
U.S. Bankruptcy Judge Harold Abramson emerged from hours of closed-door meetings to announce he would defer until Dec. 15 signing the order. If the agreement breaks down, Abramson could proceed with liquidation.
