Syms Shareholders Ask To Submit Ch. 11 Plan

Law360, Wilmington (February 3, 2012, 9:09 PM EST) -- A committee representing Syms Corp. shareholders asked a Delaware bankruptcy judge on Friday for permission to file a Chapter 11 plan that would reorganize the defunct clothing retailer as a real estate holding company.

In a motion to end the debtors’ exclusive right to propose a plan, the equity committee said shareholders have been kept out of the loop on plan negotiations, and that the liquidation plan being drafted by Syms would not garner top dollar for the company’s valuable real estate.

“Exclusivity serves no purpose...
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