Anchor Blue Liquidation Plan Wins Court Approval

Law360, New York (February 17, 2011, 1:31 PM EST) -- Defunct clothing retailer Anchor Blue Retail Group Inc. has received bankruptcy court approval for its Chapter 11 liquidation plan, which provides nominal recovery for unsecured creditors.

Judge Peter J. Walsh of the U.S. Bankrutpcy Court for the District of Delaware signed off on the plan Wednesday, which will wind down the beleaguered company after 18 months in bankruptcy.

The result could have been much worse, according to Jason M. Madron of Richards Layton & Finger PA, an attorney for the retailer and its affiliated debtors....
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