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Hancock Fabrics Plan Filed

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Hancock Fabrics filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Liquidation and related Disclosure Statement.

According to the Disclosure Statement, holders of administrative claims and other priority claims and holders of priority tax claims will be paid full in cash. Holders of Wells Fargo pre-petition claims, GACP pre-petition claims and noteholder pre-petition claims will receive (i) cash in an amount equal to the amount of such allowed Wells Fargo pre-petition claim, allowed GACP pre-petition claim or allowed noteholder pre-petition claim, as applicable; (ii) treatment provided in, as applicable, the D.I.P. financing agreement, D.I.P. financing order, the cash collateral order or other orders of the Court or applicable law; holders of other secured claims, if allowed, will receive one or a combination of the following: (i) cash in an amount equal to the amount of such allowed other secured claim; (ii) the collateral securing such allowed other secured claims or proceeds thereof or (iii) the sale of the collateral securing such allowed other secured claims with liens to attach to the proceeds of such sale; holders of general unsecured claims, if allowed, will receive a pro rata share of the available assets.

Available assets consist of the remaining assets and proceeds of assets after payment of or reserve for senior claims and certain reserve amounts established under the plan for senior claims and the administration and liquidation of the estates (including costs incurred after confirmation of the Plan). Holders of interests and securities subordinated claims will receive nothing, and the existing stock and interests will be cancelled.

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