RTW Retailwinds receives confirmation of Chapter 11 liquidation plan

By Sarah Lizee

Olympia, Wash., Dec. 11 – RTW Retailwinds, Inc.’s joint plan of liquidation was confirmed Friday by the U.S. Bankruptcy Court for the District of New Jersey.

On the effective date, all the debtors’ assets will automatically be transferred to and vest in a liquidation trust, as previously reported.

Under the plan, holders of allowed administrative claims, allowed professional fee claims, allowed secured tax claims, allowed other secured claims, allowed other priority claims and allowed prepetition credit parties claims will be paid in full in cash.

Holders of allowed general unsecured claims will receive their pro rata share of the beneficial trust interests, which will entitle the holders to receive their pro rata share of the liquidation trust assets.

Existing intercompany claims, subordinated claims and existing interests will be canceled without any distribution.

RTW is a New York-based retailer of women’s apparel. It filed bankruptcy on July 13 under Chapter 11 case number 20-18445.

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