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Gymboree Bankruptcy Objection Filed

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Gymboree’s official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to any term loan deficiency claim in excess of $296 million as well as the motion to determine the value of the term loan deficiency claim.

The committee asserts, “As an initial matter, the Term Loan Deficiency Claim is currently unliquidated, and as such, should only be entitled to vote for the Plan in the amount of $1.00 pursuant to the Solicitation and Voting Procedures. Moreover, the Committee objects to the allowance of the Term Loan Deficiency Claim in excess of $296 million and seeks a determination, pursuant to Section 506(a) of the Bankruptcy Code and Rule 3012 of the Bankruptcy Rules, that the value of the Term Loan Deficiency Claim is no more than $296 million based on a total enterprise value of $741 million.”

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