MILA gets court OK to appoint Chapter 11 trustee

By Reshmi Basu

New York, July 9 - MILA, Inc. received approval to appoint a Chapter 11 trustee from the U.S. Bankruptcy Court for the Western District of Washington.

As previously reported, the company asked for a trustee to oversee its case so it could provide the maximum return to its creditors.

In the trustee motion, MILA, which does business as Mortgage Investment Lending Associates, said the recoverable value of the remaining loans it nominally holds is likely significantly less than the claims they secure.

However, the company said an industry experienced trustee may be able to begin a business transaction involving MILA's assets to return some value to creditors.

MILA, formerly a Mountlake Terrace, Wash., wholesale residential mortgage lender, filed for bankruptcy on July 2. Its Chapter 11 case number is 07-10359.

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