Former Frederick’s of Hollywood files liquidation plan and disclosure

By Caroline Salls

Pittsburgh, Sept. 8 – Old FOH, Inc., formerly Frederick’s of Hollywood, Inc., filed a joint combined plan of liquidation and disclosure statement Friday with the U.S. Bankruptcy Court for the District of Delaware.

In addition to the company, the plan proponents are Old FOH’s official committee of unsecured creditors and Front Street RE (Cayman) Ltd.

Old FOH said it will remain in existence following the plan effective date for the sole purpose of liquidating any remaining assets and winding up its affairs.

Treatment of creditors will include the following:

• The rights and obligations under a revenue sharing agreement will be deemed transferred to Front Street, as the company’s only secured lender, and Front Street will also receive any additional estate cash, subject to the funding of an unsecured creditor fund;

• Holders of other secured claims will receive the collateral securing their claims or other treatment that renders the claim unimpaired;

• Priority non-tax claims will be paid in full in cash;

• Holders of general unsecured claims will receive a share of a general unsecured creditor cash distribution, except for Front Street, the Salus entities, including Salus CLO 2012-1, Ltd. and Salus Capital Partners, LLC and the HGI entities, including HGI Global Funding, LLC and HGI Funding, LLC;

• Holders of FOHG Holdings, LLC equity interests will receive no distribution unless there are assets remaining after payment of allowed claims; and

• Equity interests in other debtors will be reinstated.

A hearing on conditional approval of the combined plan and statement is scheduled for Sept. 25.

Old FOH is a Los Angeles-based retailer of women’s intimate apparel and related products that filed for bankruptcy on April 19. The Chapter 11 case number is 15-10836.

© 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.