Mervyn's Creditors Drop Objection To Fire Sales

Law360, New York (October 31, 2008, 12:00 AM EDT) -- Creditors of Mervyn's LLC have dropped their objection to the bankrupt department store chain's proposed going-out-of-business sales, as part of a settlement with the liquidating retailer.

The official committee of Mervyn's unsecured creditors has also withdrawn its motion to convert the company's bankruptcy case to a Chapter 7 proceeding, the company said in a statement Thursday.

The details of the settlement were not revealed, but the company said that, with opposition out of the way, it had won approval from the Delaware bankruptcy court to wind...
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