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Peekay Boutiques Bankruptcy Plan Confirmed

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The U.S. Bankruptcy Court approved Peekay Boutiques Disclosure Statement and concurrently confirmed the Company’s Joint Plan of Liquidation.

According to documents filed with the Court, “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.”

This specialty retailer filed for Chapter 11 protection on August 10, 2017, listing $8.6 million in pre-petition assets.

Read more Peekay bankruptcy news.

The post Peekay Boutiques Bankruptcy Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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