Eddie Bauer Pitches Proposal For Ch. 11 Exit

Law360, New York (December 23, 2009, 2:50 PM EST) -- Following the closure of its $286 million asset sale to Golden Gate Capital, bankrupt retailer Eddie Bauer Holdings Inc. has filed a Chapter 11 liquidation plan, putting itself on track to exit from bankruptcy protection in mid-March.

The company filed a Chapter 11 plan and disclosure statement Tuesday in the U.S. Bankruptcy Court for the District of Delaware providing details on proposed distributions to creditors from the proceeds of the sale and the liquidation of any remaining assets.

Under the plan, term lenders would recovery about...
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