Midwest Banc looks to postpone plan hearing, may make changes

By Caroline Salls

Pittsburgh, April 29 - Midwest Banc Holdings, Inc. and its official committee of unsecured creditors have asked the U.S. Bankruptcy Court for the Northern District of Illinois to postpone the hearing on approval of the company's plan of liquidation and disclosure statement to May 25 from May 4, according to a Friday court filing.

Midwest said it has been working to resolve several objections to the plan and/or disclosure statement.

As a result, the company said it might have to make changes to the plan, some of which could adversely affect the treatment of some creditors.

Under the proposed new confirmation schedule, the deadline for filing the amended plan would be May 6.

Melrose Park, Ill.-based Midwest Banc Holdings is the holding company for Midwest Bank and Trust. The company filed bankruptcy on Aug. 20, 2010. Its Chapter 11 case number is 10-37319.

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