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rue21 Bankruptcy Objection Filed

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Multiple parties including – Posner Park Retail; Ramco-Gershenson Properties Trust and Phillips Edison & Company; IREIT Louisville Dixie Valley, IREIT West Valley City Lake Park and Duluth (Gwinnett) SSR – filed with the U.S. Bankruptcy Court separate objections to the proposed cure amount provided in the Plan’s assumption schedules.

The objection of landlords Ramco-Gershenson Properties Trust and Phillips Edison & Company asserts, “The claims set fort are the base cure claim amounts subject to additional qualifications and modifications (such as reimbursement of attorney’s fees) and reconciliation amount. Landlords note that additional amounts, not as yet known, may also be due with regard to calendar years 2016 and 2017, such as year-end adjustments to various items including, but not limited to, real estates, common area maintenance (CAM), percentage rent and insurance. Section 365(b) of the Code requires that a debtor cure all defaults in conjunction with a lease assumption. Since certain accrued, unbilled items may not have been invoiced to date, there can be no default for the failure to pay same.”

In addition, “The Debtors cannot assume the favorable portions and reject the unfavourable provisions of their leases. As such, Landlords request that they be reimbursed for all of their actual pecuniary losses including, but not limited to, attorney’s fees and costs expended with regard to Debtor’s bankruptcy proceedings.”

The Court confirmed rue21’s First Amended Joint Plan of Reorganization on September 8, 2017; and a detailed Plan Summary is available on BankruptcyData.

 

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