Creditors of Syms/Filene’s Receive Partial Payment

The off-pricer emerged from bankruptcy as Trinity Place Holdings Inc. following the liquidation of its retail operations.

Creditors in the Syms Corp./Filene’s Basement bankruptcy have received $30.2 million so far in accordance with the plan of reorganization.

Those creditors include vendors, landlords and Marcy Syms, according to Trinity Place Holdings Inc.

There are more payments to be made to creditors. Under the plan of reorganization, unsecured vendors are expected to be paid back 100 percent of their claims, with landlords to receive 70 cents on the dollar.

Syms/Filene’s filed a voluntary Chapter 11 petition for bankruptcy court protection in December 2011. The debtor in August 2012 received bankruptcy court approval of its plan of reorganization. The restructured company emerged in September 2012 as Trinity Place Holdings, primarily as a holding company for the debtor’s 16 commercial real estate parcels, such as the location in downtown Manhattan on Trinity Place. It also holds intellectual property assets owned by the former Filene’s Basement operation, which includes the “Running of the Brides” event and the Syms’ slogan “An educated consumer is our best customer.” Syms had acquired Filene’s Basement in June 2009, one month after Filene’s had filed its own voluntary Chapter 11 petition. The retail operations have since liquidated.

Nine former Syms properties are still owned by Trinity Place, including its most valuable property in downtown Manhattan on Trinity Place.

On Thursday, Trinity said Third Avenue Real Estate Value Fund acquired a 17 percent stake in Trinity Place for $13.5 million. Another investor in Trinity is Esopus Creek Advisors, holding a 6 percent stake. Esopus was an equity shareholder that controlled nearly 3.5 percent of Syms’ outstanding shares prior to the bankruptcy.

Trinity Place trades over-the-counter under the symbol “TPHS.”