The Wall Street Journal reported that a federal bankruptcy judge approved the liquidation plan for Dewey & LeBoeuf, setting the stage for many creditors to begin recovering some of the hundreds of millions they are owed from the largest law-firm collapse in U.S. history.
The Journal said that the liquidation plan had the backing of Dewey’s creditors, including lenders who hold liens on some $250 million in bank and bond debt and who have funded the bankruptcy proceedings thus far using their cash collateral.
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