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PMI set to exit bankruptcy

Jul 26, 2013 - The Deal Pipeline
Bankruptcy

PMI Group Inc. has won confirmation of a reorganization plan that will have the residential mortgage insurer hand over its equity to creditors owed more than $750 million.

Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware in Wilmington on Thursday, July 25, signed an order confirming the plan of the Walnut Creek, Calif., debtor.

Under the plan, general unsecured creditors, owed between $6.3 million and $10.3 million, senior noteholders, owed $69...