Syms Corp. Cleared To Reorganize As Real Estate Co.

Law360, Wilmington (August 30, 2012, 5:02 PM EDT) -- Syms Corp. won court approval Thursday for its reorganization plan, clearing the defunct clothing retailer to emerge from bankruptcy as a real estate holding company and sell off a host of properties to pay back both creditors and shareholders over time.

During a telephone hearing from his courtroom in Delaware, U.S. Bankruptcy Judge Kevin J. Carey said he would sign off on the plan after overruling an objection from dissident creditors who argued for a higher interest rate on $53 million of unsecured claims.

The plan...
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