By  on July 29, 2008

Goody’s Family Clothing Inc. has filed a disclosure statement and reorganization plan with the Delaware bankruptcy court, but unsecured creditors aren’t likely to collect much on their claims.

The disclosure statement provides for them to get, on a prorated basis, “unsecured creditors cash and unsecured creditors notes,” the value of which was unspecified in the document. Sources familiar with the plan said that, although the hope is to have something left for unsecured creditors after other disbursements are made, it is likely that they will end up with a return of zero cents on the dollar.

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