Linens 'n Things liquidation plan accepted by majority of creditors

By Caroline Salls

Pittsburgh, March 18 - Linens Holding Co.'s plan of liquidation was approved by a majority of voting creditors, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the filing, all seven holders of $114.57 million in senior secured note claims voted to accept the plan.

In addition, 853 holders, or 90.65% in number, of $193.35 million, or 86.6% in amount, of general unsecured claims voted to accept the plan, while 29 holders, or 3.08% in number, of $20.68 million, or 9.26% in amount of these claims voted to reject it.

Meanwhile, a total of 59 holders, or 6.27% in number, of $9.25 million, or 4.14% in amount, of general unsecured claims abstained.

Linens, a Clifton, N.J., home furnishings specialty retailer, filed for bankruptcy on May 2, 2008. Its Chapter 11 case number is 08-10832.

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