Former Things Remembered files plan to distribute asset sale proceeds

By Caroline Salls

Pittsburgh, April 25 – RMBR Liquidation, Inc., formerly Things Remembered, Inc., filed a plan of liquidation and related disclosure statement Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The company said in the disclosure statement that the plan provides for the vesting of all available cash from sale proceeds to the post-effective-date debtors for distribution to creditors.

A plan administrator will be appointed to wind down RMBR’s affairs and pay and reconcile claims.

Under the plan, holders of administrative claims, secured tax claims, priority tax claims, other priority claims and other secured claims will see 100% recoveries.

Holders of revolving credit facility claims will receive a share of up to $18.72 million in available cash.

Holders of term loan claims and general unsecured claims will receive no distribution.

Existing intercompany interests and interests in the holding company will be canceled without distribution to the holders of those interests.

Things Remembered is a Cleveland-based omnichannel retailer of personalized gifts and merchandise. It filed bankruptcy on Feb. 5 under Chapter 11 case number 19-10234.

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