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Gitano Group Gone

NEW YORK -- The Gitano Group Inc. shell was officially dissolved Wednesday after Bankruptcy Judge Jeffry Gallet here confirmed the plan of liquidation and roughly $89 million in cash was distributed to secured lenders. Approximately another $8 million...

NEW YORK — The Gitano Group Inc. shell was officially dissolved Wednesday after Bankruptcy Judge Jeffry Gallet here confirmed the plan of liquidation and roughly $89 million in cash was distributed to secured lenders. Approximately another $8 million is expected to be distributed later.

Unsecured creditors of G Survivor Corp., the corporate shell remaining after Fruit of the Loom purchased Gitano’s assets for $100 million on March 1, did not receive a payout, but were given the right to sue to collect any payments to the trade Gitano made 45 days prior to its March 1 Chapter 11 filing.