The U.S. Bankruptcy Court approved Aeropostale’s Second Revised Third Amended Joint Chapter 11 Plan.
According to documents filed with the Court, “In light of the fact that the Term Loan Secured Claim and the Term Loan Diminution Claim are not anticipated to be satisfied in full, Holders of General Unsecured Claims shall not receive or retain any property under the Plan on account of such Claims. Pursuant to the provisions of the Bankruptcy Code, Classes of Claims in which the holders of Claims receive no distribution under a proposed plan are deemed to have rejected such proposed plan and are not entitled to vote on the Plan.”
A joint venture among Authentic Brands Group, General Growth Properties, Simon Property Group, Hilco Merchant Resources and Gordon Brothers Retail Partners purchased substantially all of Aeropostale’s assets in 2016.
This specialty retailer (n/k/o ARO Liquidation) filed for Chapter 11 protection on May 4, 2016, listing $512 million in pre-petition assets.
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