The U.S. Bankruptcy Court approved DirectBuy Holdings’ affiliated Debtor Consumer Liquidation’s motion for an order approving the (i) termination of its 401(k) plan and (ii) implementation of procedures in connection therewith.
As previously reported, “By this motion, UCCI respectfully requests entry of an order approving its termination of the 401 (k) Plan, effective as of March 16, 2017….UCCI submits that sound business justification exists to terminate the 401 (k) Plan. As a result of the elimination of its work force and impending wind down, UCCI can no longer justify the costs associated with maintaining the 401(k) Plan. As an integral component of UCCI’s efforts to maximize value for its estate and creditor by, among other things, eliminating unnecessary operating costs, UCCI has determined that it is in the best business interests to avoid the accrual of any further obligations related to the 401(k) Plan. If the 401(k) Plan is not terminated, UCCI’s estate will incur additional, unwarranted costs in connection with the ongoing administration of the 401(k) Plan.”
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