Residential Capital, the mortgage-lending unit of US government-owned Ally Financial, has filed a bankruptcy reorganization plan that calls for unsecured creditors to recover 36.3 cents on the dollar.
ResCap described the payout in a disclosure statement filed on Thursday with the US Bankruptcy Court in Manhattan.
The 399-page filing is designed to help creditors vote on the plan.
It said ResCap and its creditors’ committee consider the plan “the best means to fairly and efficiently resolve” the Chapter 11 case.
Bankruptcy Judge Martin Glenn has scheduled an Aug. 21 hearing to consider approving the disclosure statement.
Approval of the Chapter 11 plan could follow within a few months.