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ResCap Seeks Approval of Chief Restructuring Office

Feb. 12 (Bloomberg) -- Residential Capital LLC asked a bankruptcy judge to approve the appointment of a chief restructuring officer to help it reach and confirm a reorganization plan following its assets sale.

ResCap filed a request yesterday in U.S. Bankruptcy Court in Manhattan to appoint Lewis Kruger.

Kruger has worked as a restructuring attorney for more than 40 years, ResCap said in the filing. He is a partner and co-chairman of the financial restructuring group at Stroock & Stroock & Lavan LLP, according to the filing.

“He has substantial knowledge and experience advising large companies and assisting troubled companies developing appropriate business plans to accomplish restructuring initiatives,” ResCap said. “The debtors believe that Mr. Kruger’s vast restructuring experience will be invaluable in leading plan negotiations and in the ongoing mediation.”

New York-based ResCap filed for bankruptcy in May with plans to sell its major assets and resolve legal claims related to mortgage loans. The company is owned by Ally Financial Inc., a Detroit-based lender majority owned by U.S. taxpayers.

The case is In re Residential Capital LLC, 12-12020, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Edvard Pettersson in Los Angeles at epettersson@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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