Former Urban Brands' plan of liquidation confirmed by bankruptcy court

By Caroline Salls

Pittsburgh, Oct. 19 - UBI Liquidating Corp.'s plan of liquidation was confirmed Wednesday by the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, treatment of creditors will include:

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

• Bank of America secured lender claims will be paid in full during the bankruptcy case. However, to the extent it has not already been paid before the plan effective date, Bank of America will be paid any outstanding claim amounts under the plan;

• Holders of other secured claims will either receive the collateral securing the claim or receive cash equal to the value of the collateral;

• Holders of general unsecured claims will receive a share of a liquidating trust fund through one or more distributions; and

• Holders of equity interests will receive no distribution.

UBI was formerly Urban Brands Inc., a Secaucus, N.J.-based plus-sized apparel retailer that filed for bankruptcy on Sept. 21, 2010. Its Chapter 11 case number is 10-13005.

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