Syms Brings Creditors, Equity Together On Ch. 11 Plan

Law360, Wilmington (July 13, 2012, 3:11 PM EDT) -- Bankrupt Syms Corp. won court approval Friday to send its reorganization plan to creditors for a vote after sealing a deal between shareholders and creditors on how to liquidate the defunct clothing retailer's valuable real estate.

At a hearing in Wilmington, Del., U.S. Bankruptcy Judge Kevin J. Carey approved the disclosure statement explaining the plan, which reorganizes Syms as a real estate holding company and promises to pay back most of the approximately $110 million owed to creditors.

Two committees representing minority shareholders and unsecured creditors...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.