Shearson Financial Network Inc. Emerges From Bankruptcy
SAN FRANCISCO, May 7, 2009 /PRNewswire-FirstCall via COMTEX/ -- Shearson Financial Network Inc., a financial services holding company that conducted diversified mortgage banking and brokering operations (Pink Sheets: SHSNQ), announced today that it successfully emerged from bankruptcy on May 7, 2009. On February 25, 2009 the United States Bankruptcy Court "Confirmed" Shearson's First Amended Joint Plan of Reorganization.
Mr. Harry R. Kraatz, the newly appointed Chairman and Chief Executive Officer of Shearson, stated that, "The Plan was overwhelmingly supported by the Company's creditors and it represented a comprehensive and fair proposal for the treatment of outstanding claims. No objection to confirmation of the Plan was made."
Greg Garman, bankruptcy counsel with the law firm of Gordon Silver said, "In these challenging times it was encouraging to work with Shearson and its creditors to get the company restructured and out of bankruptcy within a matter of months."
Shearson Financial Network Inc. is a financial services holding company that conducted diversified mortgage banking and brokering operations and is a provider of both traditional and online mortgage services to a diversified customer base consisting of mortgage lenders, mortgage brokers, real estate agents and consumers.
