Syms Revises Ch. 11 Plan, Rebuffs Creditor Objections

Law360, Wilmington (August 27, 2012, 6:44 PM EDT) -- Defunct clothing retailer Syms Corp. tweaked its reorganization plan on Monday and asked a Delaware bankruptcy judge to approve it despite objections from creditors and the U.S. Trustee, claiming nothing in the plan runs afoul of the Bankruptcy Code.

Last week, the U.S. Trustee objected to the plan over an exculpation provision protecting CEO and controlling shareholder Marcy Syms, while creditors led by buyout company ASM Capital LP cried foul because the plan did not pay post-petition interest on their claims.

The plan would reorganize Syms...
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