ResCap to pay $300 million more to 9 5/8% junior secured noteholders

By Caroline Salls

Pittsburgh, July 29 - Residential Capital, LLC received court approval of a stipulation under which it will satisfy an additional $300 million of 9 5/8% junior secured guaranteed notes due 2015, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the company received court approval in June to pay $800 million on the junior secured notes, as well as $380 million on its Ally Financial, Inc. letter-of-credit and $747.13 million on its Ally senior secured credit facility.

The record date for the additional notes payment will be July 29.

Residential Capital, a New York-based mortgage originator and servicer, filed for bankruptcy on May 14, 2012. Its case number is 12-12020.

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