Home / Knowledge / News / Apparel/Garments / Bankruptcy Court approves Chapter 11 liquidation plan for BTWW
Bankruptcy Court approves Chapter 11 liquidation plan for BTWW
08
Feb '10
US Federal Bankruptcy Chief Judge Barbara J. Houser, approved the proposed Chapter 11 liquidation plan for Boot Town Western Wearhouse (BTWW Retail LP) at a court hearing in Dallas. The company filed for Chapter 11 bankruptcy protection on November 3, 2008 in the United States Bankruptcy Court for the Northern District of Texas. The approval of the liquidation plan was the culmination of efforts to sell assets, wind down operations and negotiate claims that will result in a distribution to general unsecured creditors of approximately 5%. The plan received overwhelming support from creditors with well over 90% voting in favor of the plan.

Alan Minker, Chief Restructuring Officer & Managing Director of Clear Thinking Group LLC, stated, "Considering the severe financial condition of the debtor when this case begin back in late 2008, and the fact that very few thought there would be any recovery available for the unsecured creditors in this case, this is a great result for the creditors. This case is an example of how the legal and business professionals in the case worked well together to secure the best results possible for all of the case constituents."

BTWW Retail, LP was one of the nation's leading retailers for Western lifestyle and work-related apparel and accessories. The Company operated under five leading brand names: Corral West Ranchwear, Cooper's Western Warehouse, Boot Town, Western Warehouse, and Job Site. Also under BTWW's umbrella were three Sergeant's Western World stores in Texas and two Workwear Depot stores in Milwaukee, WI and Austintown, OH. The Company ran into financial difficulties due to over expansion, significant debt, reduced consumer spending, and the economic downturn, which ultimately led to the Company filing for bankruptcy protection in 2008. During the Chapter 11 process, the Debtor sold a significant number of retail stores to other retailers and liquidated the remaining assets.

The Debtor will now finalize the review of all filed bankruptcy claims and will develop a time table for distribution of the Debtor's remaining assets. Mr. Minker commented, "We hope to have the claims process wrapped up in the next 30-60 days and begin distribution of funds to the creditors."

The Unsecured Creditors in the case were represented by Jay Indyke and Eric Haber of Cooley Godward Kronish LLP; and Ken Simon of Loughlin Meghji + Company. The Debtors were advised by Mike Warner, David Cohen, and Alexandra Olenczuk of Warner Stevens LLP; and Lee Diercks and Alan Minker of Clear Thinking Group LLC.

Clear Thinking Group LLC


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Silke Brand-Kirsch
Schlegel und Partner

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Karan Arora
Karan Arora

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

October 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search