Southmark Sets Deal With Creditors: Southmark Corp.,...
From Times Staff and Wire Reports
Southmark Sets Deal With Creditors: Southmark Corp., a Dallas-based real estate holding company that filed for bankruptcy protection last July, said its unsecured creditors agreed on a new reorganization plan calling for a quicker payout to creditors than the company offered in its original reorganization proposal. The agreement, to be filed with the U.S. Bankruptcy Court in Dallas, also restructures some securities and proposes a reduction in payout to Southmark’s equity holders, the company said.
