S&B Lenders Drop Ch. 7 Push In Cash Collateral Deal

Law360, New York (September 17, 2009, 5:15 PM EDT) -- The parent company of the now-defunct Steve & Barry's discount clothing chain has reached an agreement with its lenders and unsecured creditors limiting its use of cash collateral, with the lenders agreeing to drop their bid to convert the company's bankruptcy to Chapter 7 in return.

In a stipulation filed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, BH S&B Holdings LLC, the official committee of unsecured creditors in its bankruptcy and its debtor-in-possession lenders agreed that the lenders would not...
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