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.