Syms Resorts To Mediation To Break Impasse On Ch. 11 Plan

Law360, Wilmington (June 11, 2012, 5:42 PM EDT) -- With negotiations on its liquidation plan deadlocked, Syms Corp. has turned to mediation with warring shareholders and creditors to find a path out of bankruptcy, the defunct clothing retailer told a judge on Monday.

The company’s last stab at resolving unsecured creditors’ objections to the shareholder-backed plan left the parties even further apart, Syms attorney Jay Goffman of Skadden Arps Slate Meagher & Flom LLP said during a telephone hearing in Delaware bankruptcy court.

“I think the key word of the day, your honor, is ‘frustration,’”...
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