fashion-scoops
fashion-scoops

Filene’s Basement Creditors Seeing Return

Unsecured creditors in the bankruptcy from May 2009 have received 72.5 percent of their claims so far.

fashion-scoops/news

UNSECURED CREDITORS GET 72.5% OF CLAIMS: Unsecured creditors in the Filene’s Basement bankruptcy from May 2009 have received 72.5 percent of their claims so far. Alan Cohen, chairman of Abacus Advisors and chief restructuring officer for the retailer, said the total return to unsecured creditors could reach 75 percent or more after all claims have been processed through the bankruptcy court. Secured creditors have already been paid in full.

Filene’s Basement filed a voluntary Chapter 11 petition in May 2009, and one month later was acquired by Syms Corp. Syms has since filed its own Chapter 11 earlier this month, but the liquidation of Syms and its Filene’s Basement operations will have no impact on the bankruptcy case Cohen is overseeing.

load comments

ADD A COMMENT

Sign in using your Facebook or Twitter account, or simply type your comment below as a guest by entering your email and name. Your email address will not be shared. Please note that WWD reserves the right to remove profane, distasteful or otherwise inappropriate language.
News from WWD
Newsletters

Sign upSign up for WWD and FN newsletters to receive daily headlines, breaking news alerts and weekly industry wrap-ups.

LatestPublications
getIsArchiveOnly= hasAccess=false hasArchiveAccess=false