Announcements
Dec. 12, 2014

Bankruptcy Court Approves Chapter 11 Plan of First Mariner Corp (n/k/a Capital Trust Holdings, Inc.)

On December 8, 2014, the United States Bankruptcy Court for the District of Maryland confirmed the Chapter 11 Plan of Liquidation of Capital Trust Holdings, Inc. (f/k/a First Mariner Bancorp), a Maryland bank holding company that filed for bankruptcy on February 10, 2014. Kramer Levin represented the Debtor in connection with its bankruptcy proceeding. In less than 10 months from the bankruptcy filing, Kramer Levin attorneys successfully managed a process through which the Debtor marketed, sold and recapitalized its wholly owned subsidiary bank (the largest bank headquartered in Baltimore), and proposed and confirmed a Chapter 11 plan of liquidation that will provide meaningful distributions to the Debtor’s creditors. The Chapter 11 Plan was initially objected to by the United States Trustee, but following ongoing discussions amongst the parties and consideration of the arguments set out in Kramer Levin’s brief in support of the plan’s confirmation, the objection was withdrawn and a consensual Chapter 11 plan was confirmed. The Kramer Levin team comprised Corporate Restructuring and Bankruptcy partner Robert T. Schmidt, Joshua K. Brody and P. Bradley O’Neill, special counsel David E. Blabey, Jr., associates Yekaterina Chernyak, Rachael L. Ringer and Tuvia Peretz and Litigation associate Craig L. Siegel.

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