Hastings Entertainment amended plan of liquidation confirmed by court

By Caroline Salls

Pittsburgh, Feb. 14 – Hastings Entertainment, Inc.’s amended plan of liquidation was confirmed Tuesday by the U.S. Bankruptcy Court for the District of Delaware.

The plan calls for the creation of a liquidating trust from which distributions will be made for the benefit of holders of various allowed claims.

Under the plan, priority non-tax claims will be paid in full in cash.

Bank of America and Pathlight secured claims have already been paid in full, so they will receive no further distribution on account of those claims.

Holders of other secured claims will either be paid in full in cash or receive the company’s interest in the collateral securing the claim.

Holders of general unsecured claims will receive a share of all remaining assets after payment in full of all other claims.

Holders of equity interests will receive no distribution.

Amarillo, Texas-based Hastings Entertainment is a multimedia entertainment retailer. The company filed bankruptcy on June 13, 2016 under Chapter 11 case number 16-11452.

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