Centric Brands OK'd For Ch. 11 Plan With $6M Creditor Deal
Law360 (September 17, 2020, 2:45 PM EDT) -- A New York bankruptcy judge on Thursday approved Centric Brand's $700 million Chapter 11 plan after hearing the licensing company had struck a nearly $6 million deal to end objections and legal claims from its unsecured creditors.
At a virtual hearing, U.S. Bankruptcy Judge Sean Lane approved the plan after hearing counsel for Centric describe the settlement, including $900,000 added to the unsecured creditor's pot late Wednesday afternoon.
"We now have a global deal with respect to all the issues," Centric counsel Gregg Galardi said.
Centric — whose portfolio includes Calvin Klein, Timberland and Disney — filed for Chapter 11 protection...
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