The bankruptcy trustee winding down Magnesium Corp. of America’s affairs is proposing to pay out $47 million to its bondholders, their first distribution since the Ira Rennert-owned company filed for bankruptcy in 2001. Chapter 7 trustee Lee Buchwald proposed ending the 16-year wait for MagCorp’s creditors to receive distributions, finalizing the settlement terms reached with its creditors in November, according to papers filed Tuesday in U.S. Bankruptcy Court in Manhattan.

Source: Wall Street Journal May 07, 2019 21:56 UTC