Home / Knowledge / News / Apparel/Garments / Delaware court approves Syms Corp's reorganization plan

Delaware court approves Syms Corp's reorganization plan

01
Sep '12
The U.S. Bankruptcy Court for the District of Delaware has confirmed the Modified Second Amended Joint Chapter 11 Plan of Reorganization of Syms Corp. and Its Subsidiaries.

Under the Plan, Syms creditors holding allowed claims are entitled to payment in full. The Plan also provides for Filene’s Basement creditors to receive recoveries from Syms’ assets. Filene’s trade creditors are entitled to payment in full on their allowed claims and Filene's landlords with allowed lease rejection claims are entitled to a recovery of 75% on their claims.

Upon the Effective Date of the Plan, Syms will be reorganized and Reorganized Syms will dispose of Syms' real estate assets over time to maximize their value for the benefit of creditors and shareholders. Pursuant to the terms of the Plan confirmed by the Bankruptcy Court, the current majority shareholder (Marcy Syms and entities with which she is affiliated) will sell all of her shares to Reorganized Syms on the Plan’s Effective Date and relinquish control of the company.

On the Effective Date, Reorganized Syms' initial new board of directors will be comprised of three directors appointed by the Equity Committee, one director appointed by the Creditors' Committee, and one independent director mutually chosen by the Equity Committee and the Creditors' Committee.

For over 50 years SYMS has been committed to giving Educated Consumers real bargains on real designer clothes. SYMS is the Off-Price representative of over 200 authentic designer and brand names….Names You Must Know……in clothing and shoes, for men, women, and children. We offer an impressive selection of styles and sizes

Syms Corp.


Must ReadView All

New EU rules for a fairer online economy apply from Jul 12

E-commerce | On 11th Jul 2020

New EU rules for a fairer online economy apply from Jul 12

The European Commission recently published a set of resources to help ...

Pic: Inditex

Retail | On 11th Jul 2020

Inditex to invest €2.7 billion for 2020-2022 plan

Inditex, a Spanish fashion retailer, has announced that to accelerate ...

Pic: Shutterstock

E-commerce | On 11th Jul 2020

ING Bank launches fashion marketplace in Romania

ING Bank, the fourth-largest bank by assets in Romania, launched its...

Interviews View All

Headhonchos, Indian fashion industry

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Arvind Saraf, Triveni Sarees

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries is into manufacturing of textile process house machines, ...

Vikram Saria,

Vikram Saria

Shanghai-based Aura Designs Ltd is a leading manufacturer of textile and...

Abhishek Ralli,

Abhishek Ralli

Guide group is a government recognised manufacturing house engaged in the...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Larry L Kinn, Suominen Corporation

Larry L Kinn
Suominen Corporation

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

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

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

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

Leave your Comments


July 2020

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


Advanced Search