By  on August 2, 2012

Daffy’s Inc. filed its Chapter 11 bankruptcy petition in a Manhattan federal court Wednesday night, stating that it expects to receive cash proceeds of at least $59 million from the sale of assets.

In a court document by Richard F. Kramer, Daffy’s vice president of finance and secretary, the cash proceeds will satisfy the $37 million in creditor claims. That means that secured and unsecured creditors will receive full payment on their claims, a rarity in bankruptcy cases when creditors typically get a return of just pennies on the dollar.

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