Ann Taylor Owner Ascena Gets Ch. 11 Plan Approval

Law360 (February 25, 2021, 8:02 PM EST) -- A Virginia bankruptcy judge on Thursday approved former Ann Taylor owner Ascena Retail Group's Chapter 11 plan, overruling objectors claiming the plan's legal releases were too broad and nonconsensual.

At a virtual hearing, U.S. Bankruptcy Judge Kevin R. Huennekens approved the plan to distribute to creditors what's left of the money Ascena raised selling Ann Taylor and its other retail assets, finding that parties with legal claims released under the plan had been given sufficient time to preserve their rights.

"The parties were put on notice and the notice couldn't have been clearer," the judge said.

Ascena hit Chapter 11 in...

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