Bankruptcy Update: Centrix, Mila, SonicBlue and Ceres

Here are some of the latest bankruptcy stories we have been covering on TheDeal.com. For more bankruptcy coverage, check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.

Centrix plan approved
A Colorado judge has confirmed Centrix Financial Corp.'s second amended liquidation plan, which calls for proceeds of the sale of the automobile finance company to fund creditors recoveries. Kendrick CF Acquisition Inc. acquired Centennial, Colo.-based Centrix for $30 million on Jan. 18. Falcon Investment Advisers, Everest Reinsurance Holdings Inc. and the debtor's CEO, Robert Sutton, created Kendrick to acquire the company. - Jamie Mason

HSBC can foreclose on Mila
A Seattle judge approved HSBC's relief from stay motion against Seattle subprime mortgage arranger Mila Inc. Judge Samuel J. Steiner of the U.S. Bankruptcy Court for the Western District of Washington in Seattle approved a relief from stay motion filed by HSBC Mortgage Corp. in a hearing on Friday -- just one of five relief from stay motions the bank has filed against the Mila since Oct. 5, 2007. - Carolyn Okomo

SonicBlue creditors get a choice
Creditors of SonicBlue Inc. now have an opportunity to consider the third of three liquidation plans for the former Santa Clara, Calif., electronics manufacturer. SB Claims' proposal, filed April 22, will compete for acceptance against two other plans, one from the Chapter 11 trustee and its reconstituted creditors committee, and another from the debtor's 2002 noteholders. - Carolyn Okomo

Ceres taps cash collateral
Structured investment vehicle owner Ceres Capital Partners LLC will look to complete its prepackaged bankruptcy in a little over a month now that it has its postpetition funding in place. - Ben Fidler

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