The PMI Group, Inc. Successfully Emerges from Bankruptcy Protection
Goldin Associates LLC (“Goldin”) client The PMI Group, Inc. (“PMI”) successfully emerged from bankruptcy today. PMI filed its plan of reorganization on April 30, 2013, amended on June 3, 2013 and September 26, 2013. That plan was confirmed by order of the United States Bankruptcy Court for the District of Delaware dated July 25, 2013. Pursuant to the plan, distributions of cash or cash and stock in reorganized PMI, as applicable, will be forthcoming to claimants that held valid and allowed claims as of 5 p.m., EDT, on October 1, 2013.
“Throughout the reorganization process, the company’s executives, board and professional advisors, along with its creditors’ committee and its advisors, worked effectively together to unlock tens of millions of dollars of value and substantially improve recoveries for creditors,” said Goldin’s David W. Prager, who served as PMI’s Chief Executive Officer. “Today’s milestone marks the successful culmination of these efforts.”