Daily News: July 6, 2012

Bloomberg: Syms, Filene’s Shareholders Oppose Hearing Delay

Syms Corp., its subsidiary Filene’s Basement and its shareholder’s committee said they are opposing a request by its creditors’ committee to postpone a hearing to approve a settlement.

The settlement was reached recently between Syms, Filene’s, the shareholder’s committee and the official creditors’ committee for a modified reorganization plan, which was labeled as “fully consensual,” a Bloomberg article said.

The new plan will pay claims against Syms and the trade and supplier claim against Filene’s in full. Terminated lease claims against Syms will get a 75% payment.

The U.S. bankruptcy Court in the District of Delaware slated a hearing for July 9 to approve the new agreement, but the creditors’ committee would like to postpone that hearing until Friday, July 13 because drafts of the plan have not been finalized.

The Bankruptcy Judge in the U.S. Bankruptcy Court in the District of Delaware will decide at a hearing today, Friday, July 6 regarding the postponement.

To read the Bloomberg story in its entirety, click here.

Previously on abfjournal.com:

Filene’s, Syms Seek Approval of Bidding Procedures to Sell IP, Tuesday, March 27, 2012