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Hancock Fabrics Bankruptcy Liquidation Plan Summarized

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BankruptcyData’s detailed analysis and summary of Hancock Fabric’s Second Amended Joint Chapter 11 Plan of Liquidation, dated May 5, 2017, is now available.

The U.S. Bankruptcy Court confirmed the Plan on June 20, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “The Plan is a liquidating plan that provides that, among other things, the Debtors’ current Board of Directors will be succeeded by the Responsible Person, who will be appointed by order of the Bankruptcy Court to oversee the post-confirmation Estates and make judgments concerning wind down matters and Rights of Action.”

BankruptcyData’s Plan Summary continues, “The Existing Stock and Interests will be cancelled. Each holder of an Interest or Securities Subordinated Claim will not receive anything on account of such Interest or Claim.”

BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Hancock Fabric’s February 2, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

Read more retail bankruptcy news.

The post Hancock Fabrics Bankruptcy Liquidation Plan Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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