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Gordmans Bankruptcy Liquidation Plan Confirmed

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The U.S. Bankruptcy Court approved Gordmans Stores’ Disclosure Statement on a final basis and concurrently confirmed the Company’s Joint Plan of Liquidation.

According to documents filed with the Court, “The Plan contemplates a liquidation of each of the Debtors and their Estates and is therefore referred to as a ‘plan of liquidation.’ The primary objective of the Plan is to maximize the value of recoveries to all Holders of Allowed Claims and Allowed Interests and to distribute all property of the Estates that is or becomes available for distribution generally in accordance with the priorities established by the Bankruptcy Code.”

In addition, “The Plan Administrator shall act for the Debtors in the same fiduciary capacity as applicable to a board of managers and officers, subject to the provisions hereof. On the Effective Date, the authority, power, and incumbency of the persons acting as managers and officers of the Debtors shall be deemed to have resigned, and a representative of the Plan Administrator shall be appointed as the sole manager and sole officer of the Debtors and shall succeed to the powers of the Debtor’s managers and officers….The Plan proposes to fund the distribution to Holders of Allowed Claims against the Debtors with the Debtors’ Cash on hand, the Sale Proceeds, all Causes of Action not previously settled, released, or exculpated under the Plan, the Debtors’ rights under the Purchase Agreement and Agency Agreement, and the Plan Administrator Assets.”

This apparel and home goods retailer filed for Chapter 11 protection on March 13, 2017, listing $230 million in pre-petition assets.

Read more retail bankruptcy news.

The post Gordmans Bankruptcy Liquidation Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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