Syms Creditors Look To File Competing Ch. 11 Plan

Law360, Wilmington (May 23, 2012, 9:04 PM EDT) -- Syms Corp.'s unsecured creditors asked a Delaware bankruptcy judge Wednesday for permission to lodge a rival liquidation plan for the company, saying the debtors' proposed plan stiffs creditors in favor of equity, particularly CEO and majority shareholder Marcy Syms.

The defunct clothing retailer recently hashed out its plan with a committee representing minority shareholders and hopes to file it by Friday, according to court documents. But the official committee of unsecured creditors argued in an objection that the plan improperly funnels distributions to Marcy Syms and...
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