Joan Fabrics case fully administered; trustee asks to be discharged

By Caroline Salls

Pittsburgh, Feb. 23 – Joan Fabrics Corp.’s Chapter 7 bankruptcy case has been fully administered, according to a report filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

As a result, Alfred T. Giuliano asked the court to discharge him from his duties as the company’s Chapter 7 trustee.

Giuliano said a total of $4.64 million in net proceeds from the liquidation of the property of the Joan Fabrics estates was distributed.

Specifically, the trustee said secured creditors recovered $1.82 million of an allowed $46.63 million in claims; priority creditors recovered all $1.74 million; $1.08 million of $1.4 million in prior Chapter administrative fees and charges were paid; and holders of priority unsecured claims and general unsecured claims received no distributions on their $1.61 million and $45.19 million of allowed claims, respectively.

Joan Fabrics, a Tyngsboro, Mass., textile fabric company, filed for bankruptcy on April 10, 2007. Its Chapter 11 case number is 07-10479.

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