J&M Vendors' Skittishness Threatens Ch. 11 Plan Hopes
Law360, Wilmington (September 20, 2018, 8:51 PM EDT) -- The prospects of discount retailer J&M Sales Inc. getting to a confirmed Chapter 11 plan of reorganization dimmed Thursday, when attorneys for the chain of stores told a Delaware bankruptcy judge that its vendors were wary of signing on to a process where they would provide inventory on shortened terms.
During a hearing in Wilmington, debtor attorney Richard M. Pachulski of Pachulski Stang Ziehl & Jones LLP said that vendor participation in a $15 million critical vendor program had not developed since the process received interim approval at the outset of the debtor’s case in early August.
He said there was...
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