PMI Group Inc. (PMIR)

[Shenfein]

PMI Group Gets Green Light To Seek Votes On Ch. 11 Plan


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Law360, Wilmington (June 05, 2013, 11:23 PM ET) -- A Delaware bankruptcy judge approved PMI Group Inc.'s disclosure statement Wednesday, allowing the mortgage insurance holding company to solicit votes for a plan that would see it emerge from Chapter 11 as a going concern holding up to $1.2 billion in tax assets.

The proposed plan, which would hand creditors $200 million in cash as well as stock in the reorganized company, marks the light at the end of the tunnel for PMI Group, which has been stuck in bankruptcy since November 2011.

U.S. Bankruptcy Judge...