On August 10, 2016, the United States Bankruptcy Court for the Southern District of New York entered an order confirming the Amended Plan of Reorganization Proposed by Doral Financial Corporation and the Official Committee of Unsecured Creditors of Doral Financial Corporation.
On October 28, 2016, all conditions to the occurrence of the effective date set forth in the Plan and the Confirmation Order were satisfied or waived in accordance therewith and the effective date of the Plan occurred. On the same date, a Notice of Effective Date of the Plan was filed with the Bankruptcy Court.
In accordance with the Plan, substantially all of Doral Financial's assets have been transferred to a trust for the benefit of Doral Financial's creditors. Drivetrain, LLC has been appointed as the Creditors' Trustee to prosecute claims and causes of action belonging to Doral Financial, administer remaining claims, and liquidate and distribute remaining assets to holders of allowed claims in accordance with the terms of the Plan. Alan Carr, of Drivetrain, will lead the assignment on behalf of Drivetrain. Information regarding the Creditors' Trust and copies of the Plan and Confirmation Order can be found at http://cases.gcginc.com/dor/.
Drivetrain is a professional services organization providing fiduciary services and expertise to clients and companies in and beyond a financial restructuring process. With more than 100 years of combined experience, Drivetrain provides proven expertise in advising businesses through board representation, in creating value through stakeholder representation in complex, litigious or process-intensive restructurings, and maximizing investor outcomes, often in stressed, contested or transitional situations.
If you have questions regarding the Doral Financial Creditors' Trust you may send an email to creditor.inquiries@doralcreditorstrust.com.