United Cos. Reaches Agreement

August 14, 2000, 1:00 p.m. EDT 1 Min Read

United Companies Financial Corp., Baton Rouge, La. has reported that it has reached an agreement with parties involved in its bankruptcy proceedings that supports a modified plan of reorganization. Under the agreements, certain objections to the sale of United Companies' whole loan portfolio, residuals, other interests, and servicing rights to EMC Mortgage Corp. have been withdrawn. A voting deadline for the modified plan or reorganization and a hearing to consider it are slated for mid-September. United Companies' website is http://www.unitedcompanies.com/.

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