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.
This story first appeared in the December 13, 2011 issue of WWD. Subscribe Today.