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Mervyn's Holdings announces May 1 effective date for liquidation plan
By Jim Witters
Wilmington, Del., May 2 - Mervyn's Holdings, LLC announced May 1 as the effective date of its first amended joint plan of liquidation, according to documents filed May 1 with the U.S. Bankruptcy Court for the District of Delaware.
Wilmington Trust, NA has been appointed as the plan administrator.
As previously reported, the court confirmed the plan on March 20.
The company and the official committee of unsecured creditors said the purpose of the plan is to provide for the liquidation and conversion of all of Mervyn's remaining assets to cash and the distribution of the net proceeds to creditors.
Creditor treatment
Under the plan, treatment of creditors includes:
• Debtor-in-possession facility claims were previously paid in full in cash;
• Administrative claims, secured tax claims, priority tax claims and other priority claims will be paid in full in cash;
• Other secured claims will either be reinstated, holders will be paid in full in cash or holders will receive the collateral securing the claims;
• Holders of general unsecured claims will receive a share of distributions made by the plan administrator; and
• Holders of equity interests will receive no distributions.
Mervyn's, a San Francisco-based department store, filed for bankruptcy on July 29, 2008. Its Chapter 11 case number is 08-11586.
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