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Published on 9/10/2004 in the Prospect News Distressed Debt Daily.

DVI files liquidation plan; noteholders get nothing

By Jeff Pines

Washington, Sept. 10 - DVI Inc.'s noteholders will get nothing, according to the company's liquidation plan filed with the U.S. Bankruptcy Court for the District of Delaware Thursday.

Noteholders are assumed to have rejected the plan and will not get to vote on it.

Holders of general unsecured claims of which DVI estimates there are $297.4 million will get an estimated 2.9% to 32.3% in distributions from a liquidating trust.

Holders of subordinated unsecured claims, of which there are an estimated $32.9 million, may get an estimated 2.9% to 32.3% from a trust if there is any money left over after paying off all administrative claims, professional claims and allowed priority tax claims.

Ballots are due by Nov. 8.

The hearing on the disclosure statement is scheduled for Oct. 7 and the confirmation hearing is scheduled for Nov. 17.

DVI, a specialty medical finance company, filed for bankruptcy on Aug. 25, 2003. Its Chapter 11 case number is 03-12656.


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