LUXEMBOURG - A Luxembourg judge withheld a key ruling on the Bank of Credit and Commerce International depositor compensation plan.
The judge, Maryse Walter, said it was clear whether the proposed plan to pay out up to 40 cents on the dollar held "advantages for creditors." She set a new hearing for Oct. 7 and ordered that all unsecured, known creditors of BCCI in Luxembourg should be consulted by the bank's Luxembourg liquidators between now and Oct. 1.
The decision will delay implementation of the compensation plan, which has been approved by courts in Britain and the Cayman Islands. It is also backed by BCCI's majority shareholder, Abu Dhabi, and the bank's liquidator, Touche Ross.