Syms Ordered To Reopen Ch. 11 Talks With Creditors

Law360, Wilmington (May 25, 2012, 3:01 PM EDT) -- Syms Corp. unveiled its liquidation plan Friday, promising full payment for most creditors and an ample recovery for equity holders, but a bankruptcy judge promptly sent the clothing retailer back to the negotiating table with unsecured creditors, who claim the plan unfairly favors shareholders.

At a hearing in Delaware, U.S. Bankruptcy Judge Kevin J. Carey declined to hear arguments on extending the debtors’ exclusive right to file a plan, which the official committee of unsecured creditors wanted to end so it could offer a competing plan....
To view the full article, register now.