Hampshire Group filed with the U.S. Bankruptcy Court a notice of withdrawal of the Company’s fifth motion for an exclusivity extension. The Company’s First Amended Joint Chapter 11 Plan of Liquidation subsequently became effective, and the Company emerged from Chapter 11 protection.
The Court confirmed the Plan on September 28, 2017. BankruptcyData notes, “The Plan contemplates to provide for the establishment on the Effective Date of the Liquidation Trust for the primary purpose of administering and liquidating the Trust Assets. On the Effective Date, all Assets of the Debtors’ Estates, including, but not limited to, Causes of Action, any recoveries related to the issuance of the Bond and the related letter of credit draw, certain accounts receivable, and cash, will vest in the Liquidation Trust.”
BankruptcyData’s Plan Summary continues, “All Interests in the Debtors will be cancelled, and the Holders of Class 3 Interests will not be entitled to, and will not receive or retain, any property on account of such Interests under the Plan.” The Court Order states, “On or prior to the Effective Date, the Debtors, the Committee, and the Liquidation Trustee executed the Liquidation Trust Agreement. Richard S. Lauter has been appointed the Liquidation Trustee. In accordance with the Confirmation Order and the Plan, November 6, 2017 is established as the deadline to assert an Administrative Expense Claim (i) arising during the period from May 1, 2017 through the Effective Date.”
This fashion apparel retailer filed for Chapter 11 protection on November 23, 2017, listing $45 million in pre-petition assets.
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