First Mariner gets court confirmation on Chapter 11 liquidation plan

By Kali Hays

New York, Dec. 8 – First Mariner Bancorp received confirmation of its Chapter 11 plan of liquidation on Monday from the U.S. Bankruptcy Court for the District of Maryland.

As previously reported, the court approved the disclosure statement related to the plan Oct. 17.

First Mariner completed a $17.73 million sale of substantially all of its assets to RKJS Bank on June 17 under an amended and restated merger and acquisition agreement.

The proposed plan will provide for the distribution of any remaining assets to the company’s creditors.

The plan was formulated in consultation with First Mariner’s official committee of unsecured creditors.

Treatment of creditors under the plan will include the following:

•Holders of allowed administrative claims, priority tax claims, professional fee claims and other priority claims will be paid in full in cash;

•Holders of general unsecured claims will receive a share of remaining cash funds after the full payment of allowed priority claims and;

•Holders of equity interest claims will receive no distribution.

First Mariner, the Baltimore-based holding company for 1st Mariner Bank, filed for bankruptcy on Feb. 10, 2014. The Chapter 11 case number is 14-11952.

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