MILA bankruptcy case to be dismissed following distributions, payments

By Caroline Salls

Pittsburgh, March 8 - MILA, Inc.'s Chapter 11 trustee received court approval on March 7 for a "structured dismissal" of the company's Chapter 11 bankruptcy case, according to a filing with the U.S. Bankruptcy Court for the Western District of Washington.

Judge Karen A. Overstreet said a final order of dismissal will be entered after the trustee has distributed $350,000 to the holders of allowed pre-bankruptcy claims, paid approved fees and expenses and distributed any remaining estate funds for unpaid fees and costs approved in previous fee orders.

According to the order, substantially all of the company's estate funds are being distributed, a final claims order has been entered, MILA's case is administratively insolvent, "and the filing of a plan of liquidation or conversion to Chapter 7 is not warranted."

MILA, formerly a Mountlake Terrace, Wash., wholesale residential mortgage lender, filed for bankruptcy on July 2, 2007. Its Chapter 11 case number is 07-10359.

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