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Aeropostale Plan Filed, Disclosure Statement Approved

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Aeropostale filed with the U.S. Bankruptcy Court a Second Amended Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, holders of other priority claims shall receive, in full and final satisfaction of such claim, cash in an amount equal to such claim. Holders of other secured claims shall receive (i) payment in full in cash in full and final satisfaction of such claim and (ii) delivery of the collateral securing such allowed other secured claim. Holders of term loan secured claims and term loan deficiency claims (if allowed) will receive payment in full in cash in full and final satisfaction of such claim. Holders of inter-company claims and existing Aeropostale interests shall not receive not receive any distribution of property under the Plan.

According to the Disclosure Statement, “The Plan…provides for the sale of substantially all of the Debtors’ assets…pursuant to the terms of one or more asset purchase agreements submitted at or prior to the Bid Deadline and subsequently determined by the Debtors pursuant to the Bid Procedures to be the highest or otherwise best offer for such assets, subject to Bankruptcy Court approval of the Debtors’ entry into an alternative transaction with a potential plan sponsor in connection with the Auction. The Debtors will be considering any and all types of bids including going concern and GOB or liquidation offers.…The proceeds from the Sale Transaction will be used in the first instance to satisfy all DIP Claims, consistent with the Final DIP Order, and then, to the extent available, to fund the ongoing wind-down costs of the Chapter 11 Cases and Distributions under the Plan.”

The Court subsequently approved the Disclosure Statement and scheduled an August 24, 2016 hearing to consider the Plan. Read more Aeropostale bankruptcy news.

The post Aeropostale Plan Filed, Disclosure Statement Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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