Stone Barn Manhattan Inches Toward Liquidation

Law360, New York (March 18, 2010, 7:40 PM EDT) -- A bankruptcy court judge on Thursday approved Stone Barn Manhattan LLC's disclosure statement, bringing the discount clothing retailer formerly known as Steve & Barry's LLC one step closer to a final liquidation in its Chapter 11 bankruptcy.

Stone Barn and its committee of unsecured creditors filed both their liquidation plan and disclosure statement Wednesday in the U.S. Bankruptcy Court for the Southern District of New York.

The plan calls for unsecured creditors to recover up to $230 million, or 2.73 percent of existing general unsecured claims....
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