Filene's Basement Gets Court OK To Start Liquidation

Law360, New York (January 26, 2010, 6:43 PM EST) -- A bankruptcy judge approved discount clothing chain Filene's Basement's Chapter 11 liquidation plan Tuesday, and the company will soon make distributions to unsecured creditors.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware signed off on the plan, which will see unsecured creditors retrieve at least 75 percent of their claims and secured creditors made whole.

“These latest developments, coupled with the Syms [Corp.] acquisition, point to a gratifying outcome in this case,” said Alan Cohen, chairman of private equity firm...
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