Creditors Say Syms Ch. 11 Plan Snuffs Their Interest Rights

Law360, New York (August 22, 2012, 3:41 PM EDT) -- A group of unsecured Syms Corp. creditors urged a Delaware bankruptcy court Tuesday to reject the retailer's reorganization plan, arguing that it does not conform to Chapter 11 standards and wrongfully denies them interest on their claims.

Because Syms is fully solvent, it should not pay out equity shareholders before creditors nor should it deny interest on some creditor claims which includes claims by buyout company ASM Capital LP and hedge fund Scoggin Worldwide Fund Ltd., according to the ad hoc committee of Class 4 creditors....
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