Gottschalks Lodges More Detailed Liquidation Plan

Law360, New York (January 19, 2010, 2:33 PM EST) -- Bankrupt department store chain Gottschalks Inc. has lodged a modified Chapter 11 plan of liquidation, posing full recovery for debtor-in-possession financier GE Capital Corp., a cancellation of stock and interest, and no recovery for holders of interests and securities subordinated claims.

Unsecured creditors would recover as little as 4 percent and no more than 14 percent under the plan, according to a disclosure statement presented Friday in the U.S. Bankruptcy Court for the District of Delaware.

The modified plan clarifies definitions of certain terms and adds...
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