Filene’s Chapter 11 plan confirmed
Wilmington, Del. Abacus Advisors LLC announced Tuesday that FB Liquidating Estate (formerly known as Filene’s Basement) confirmed its chapter 11 plan and will soon make an initial distribution to unsecured creditors of the bankrupt retailer, whose trade name, leases and other assets were sold to an affiliate of Syms Corp. last June for approximately $64 million.
The announcement follows an earlier confirmation of the Joint Plan of Liquidation of FB Liquidating Estate by Judge Mary F. Walrath in the U.S. Bankruptcy Court for the District of Delaware.
“In the coming months, we expect to make additional distributions that will ultimately result in the payment of 100% of secured, administrative and priority claims, and 75% or more for the $57.0 million in general unsecured claims,” said Alan Cohen, chairman of Abacus Advisers.