Ocala Funding eyes $9 million claim settlement with Sovereign Bank

By Lisa Kerner

Charlotte, N.C., Jan. 7 - Ocala Funding, LLC asked the court to approve a settlement agreement with credit agreement lender and agent Sovereign Bank, NA, according to a Monday filing with the U.S. Bankruptcy Court for the Middle District of Florida.

Under the settlement agreement, Sovereign will pay $9 million in exchange for dismissal of adversary proceedings, the filing said.

Ocala Funding, an Orlando, Fla.-based financing vehicle, filed for bankruptcy on July 10. Its Chapter 11 case number is 12-04524.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.