Peekay Boutiques filed with the U.S. Bankruptcy Court an Amended Chapter 11 Plan of Liquidation and related Disclosure Statement.
According to the Disclosure Statement, “The Global Settlement forms the foundation of the Plan, which provides for the Sale of substantially all of the Debtors’ assets to the Buyer, subject in all respects to higher or otherwise better offers, the Buyer’s assumption of certain liabilities in the Asset Purchase Agreement, provides for certain consideration to be paid by the Buyer directly to certain holders of Claims, and for the consensual and expedited wind-down of the Debtors’ Estates and Confirmation of the Plan. In addition, the Plan, if consummated, will consummate the Term B Loan Claims Settlement.”
In addition, “On the Effective Date, Buyer shall issue a promissory note (the ‘Term B Loan Claims Note’) for the benefit of Term B Lenders holding Allowed Term B Loan Claims The Term B Loan Claims Note shall have the following terms: (i) principal amount: $400,000; (ii) no payment of interest; (iii) four (4) year term…’Class 4 Term B Loan Claims will receive no distribution from the Debtors or their Estates under the Plan.” The Court subsequently granted interim approval to the Disclosure Statement and scheduled a November 15, 2017 combined hearing to consider final approval of the Disclosure Statement and Plan confirmation.
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