Creditors Say Syms Ch. 11 Plan Snuffs Their Interest Rights

Law360, New York (August 22, 2012, 3:41 PM EDT) -- A group of unsecured Syms Corp. creditors urged a Delaware bankruptcy court Tuesday to reject the retailer's reorganization plan, arguing that it does not conform to Chapter 11 standards and wrongfully denies them interest on their claims.

Because Syms is fully solvent, it should not pay out equity shareholders before creditors nor should it deny interest on some creditor claims which includes claims by buyout company ASM Capital LP and hedge fund Scoggin Worldwide Fund Ltd., according to the ad hoc committee of Class 4 creditors....
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Filene's Basement, LLC


Case Number

1:11-bk-13511

Court

Delaware

Nature of Suit

Date Filed

November 2, 2011

Law Firms

Companies

Government Agencies

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.