Former Ritz Camera's plan of liquidation confirmed by bankruptcy court

By Lisa Kerner

Charlotte, N.C., April 20 - RCC Liquidating Corp., formerly Ritz Camera Centers, Inc., had its plan of liquidation confirmed by the U.S. Bankruptcy Court for the District of Delaware at a hearing on Tuesday, according to an attorney close to the case.

As previously reported, the company has sold substantially all of its assets and is in the process of liquidating remaining assets. Any assets remaining on the plan effective date will be transferred to a trust to be liquidated.

Treatment of creditors will include:

• Holders of administrative claims, priority tax claims and priority non-tax claims will be paid in full in cash;

• Holders of lenders claims will be paid in full under a termination agreement;

• Holders of other secured claims will either be paid in full in cash or receive the collateral securing the claim;

• Holders of general unsecured claims will receive a share of any distributable cash; and

• Holders of equity interests will receive no distributions.

Ritz, a Beltsville, Md.-based specialty camera and image chain, filed for bankruptcy on Feb. 22, 2009. Its Chapter 11 case number is 09-10617.

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