| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for Pier 1 Imports Inc. > News item |
Pier 1 Imports disclosure statement approved; plan hearing July 30
By Caroline Salls
Pittsburgh, June 25 – Pier 1 Imports Inc. obtained court approval of the disclosure statement for its second amended Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of Virginia.
The plan confirmation/asset sale approval hearing is scheduled for July 30.
According to the disclosure statement, the company’s required consenting term lenders, debtor-in-possession financing lenders and official committee of unsecured creditors reached an agreement to conduct a full-scale winddown of the Pier 1 debtors’ operations.
That agreement, which was approved by the court on June 2, includes the plan term sheet.
Under the plan, other secured claims will be paid in full in cash, holders will receive the collateral securing the claim and any required interest or the claim will be reinstated.
Other priority claims and administrative claims will receive distributable proceeds.
Priority tax claims will be paid in full in cash.
To the extent not already paid in full in cash or rolled up or converted into DIP obligations, holders of ABL claims will receive distributable proceeds from collateral up to the full amount of the claim, and all undrawn letters of credit will be replaced or cash collateralized.
Holders of term loan claims will receive a share of a term loan recovery pool.
Holders of general unsecured claims will receive a share of distributable proceeds after all other senior claims are paid in full.
Holders of Pier 1 interests will receive no distribution.
Pier 1 is a Fort Worth-based importer of home decor and furniture. The company filed bankruptcy on Feb. 17 under Chapter 11 case number 20-30805.
© 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.