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rue21 plan accepted by most creditors, including all term loan lenders
By Caroline Salls
Pittsburgh, Aug. 25 – rue21, Inc.’s plan of reorganization was accepted by a majority of voting creditors, according to a notice filed Thursday with the U.S. Bankruptcy Court for the Western District of Pennsylvania.
Specifically, the plan was accepted by all 91 voting holders of $330.4 million in pre-bankruptcy term loan secured claims.
In addition, 199 holders, or 93.43% in number, of $302.48 million, or 98.9% in amount, of general unsecured claims voted to accept the plan, while 14 holders, or 6.57% in number, of $3.39 million, or 1.1% in amount, of these claims voted to reject it.
The plan confirmation hearing is scheduled for Aug. 30.
rue21 is a Warrendale, Pa., teen-focused specialty retailer that filed for bankruptcy on May 15 under Chapter 11 case number 17-22045.
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