Finlay Liquidation Plan Gets Go-Ahead

Law360, New York (June 30, 2010, 4:31 PM EDT) -- The bankruptcy court has signed off on jeweler Finlay Enterprises Inc.’s final Chapter 11 plan, a liquidation that provides full recovery for secured claims, partial recovery for third-lien lenders and $7 million for unsecured creditors.

Following a confirmation hearing Tuesday, Judge James Peck of the U.S. Bankruptcy Court for the Southern District of New York approved an amended liquidation plan that was roundly supported by creditor constituencies.

First- and second-lien lenders will enjoy full repayment, while lenders holding third-lien claims stand to recover as much as...
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