Bluestem Ch. 11 Plan Docs Approved With Liability Changes
Law360 (July 15, 2020, 5:57 PM EDT) -- Retailer Bluestem Brands Inc. on Wednesday received a Delaware bankruptcy judge's approval for documents describing its proposed Chapter 11 plan, but the judge ruled that the plan's exculpation provisions were too broad and should be amended.
During a hearing conducted via phone and videoconferencing, U.S. Bankruptcy Judge Mary F. Walrath said the proposed plan would extend a release of liability to parties who worked on the Chapter 11 case but don't have a fiduciary obligation to the debtor, ruling that the exculpation provisions were inconsistent with the bankruptcy code and existing precedent.
The issue was raised by the Office of the...
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