Gottschalks' Disclosure Statement Gets Thumbs Up

Law360, New York (January 21, 2010, 12:27 PM EST) -- A bankruptcy judge has signed off on Gottschalks Inc.'s disclosure statement, moving the department store chain one step closer to getting approval for its liquidation plan.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware affirmed the disclosure statement on Wednesday. A hearing on the department store's latest liquidation plan is scheduled for March 16.

Gottschalks submitted a modified version of the plan, originally filed Dec. 3, on Jan. 15.

The plan proposes full recovery for debtor-in-possession financier GE Capital Corp.,...
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