Home / Knowledge / News / Apparel/Garments / Goody's Family Clothing files plan of reorganization
Goody's Family Clothing files plan of reorganization
26
Jul '08
Goody's Family Clothing Inc, a retailer of moderately priced family apparel operating in small to midsize markets primarily throughout the Southeast, announced that on July 24, 2008, it and its subsidiaries (collectively, the "Debtors") filed a Disclosure Statement (the "Disclosure Statement") with respect to the Joint Plan of Reorganization Proposed by Goody's Family Clothing Inc. (Goody's) and Subsidiary Debtors, Debtors in Possession, and the Official Committee of Unsecured Creditors (the "Plan"), with the United States Bankruptcy Court for the District of Delaware (the "Court").

If confirmed, the Plan will implement a compromise and settlement among the Debtors, their pre-petition senior lender, their pre-petition junior lenders including PGDYS Lending LLC and GMM Capital LLC, and the Official Committee of Unsecured Creditors (the "Committee").

The Debtors will be reorganized pursuant to the Plan, if confirmed, and will continue in operation, achieving the objectives of Chapter 11 for the benefit of their creditors, customers, suppliers, employees and communities. The Committee is a proponent of the Plan.

Commenting on the announcement, Paul White, Goody's Chief Executive Officer, said, "We appreciate the support of our vendor community, customers and employees during this Chapter 11 process.

We are encouraged by the Committee's support of the Plan and we look forward to the Court's consideration of the Disclosure Statement, scheduled for August 25, 2008."

Mr. White added, "If the Disclosure Statement is approved by the Court, Goody's intends to solicit votes from its creditors concerning the Plan and, subject to the voting results, to thereafter proceed to seek Court confirmation of the Plan."

Goody's Family Clothing Inc

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Courtesy: NEJ

Apparel/Garments | On 24th Jan 2017

NEJ fully acquires Bills Khakis from Source Capital

Provider of reverse logistic excess inventory solutions for specialty ...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search