Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Hub Holding Corp > News item |
Former Anchor Blue Retail Group: Plan of reorganization confirmed
By Lisa Kerner
Charlotte, N.C., Feb. 16 - Hub Holding Corp., formerly Anchor Blue Retail Group, had its first amended joint plan of reorganization confirmed, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, creditors will be treated as follows:
• Holders of administrative expense claims, priority non-tax claims and priority tax claims will be paid in full in cash;
• To the extent that they have not been paid before the plan effective date, holders of Wachovia secured lender claims will be paid in accordance with a global claim settlement;
• To the extent that they have not been paid before the plan effective date, holders of Ableco claims will receive a share of a liquidating trust fund on account of their unsecured claim for an estimated 2% to 4% recovery;
• Holders of other secured claims will receive either the collateral securing their claims or cash equal to the value of the collateral;
• Holders of general unsecured claims will receive a share of the liquidating trust fund for an estimated recovery of 2% to 4%; and
• Interest holders will receive no distribution.
Anchor Blue, an Ontario, Calif., holding company for its Anchor Blue Division and Levi's & Dockers Outlet by MOST Division subsidiaries, filed for bankruptcy on April 27, 2009. The Chapter 11 case number is 09-11770.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.