Our Alchemy to get $400,000 from Target account receivable settlement

By Caroline Salls

Pittsburgh, Sept. 14 – Our Alchemy, LLC Chapter 7 trustee George L. Miller requested court approval of an account receivable settlement reached with Target Corp., according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Miller said Our Alchemy supplied film and related media merchandise to Target before it filed for bankruptcy.

The trustee said a review of Our Alchemy’s records indicated that Target owed the company up to $3.65 million for unpaid merchandise. Target denied that it was required to pay the alleged account receivable because of claimed setoffs, credits and discounts included in pre-bankruptcy agreements entered into between Target and Our Alchemy.

Target also alleged that it held claims against the estate of Our Alchemy in excess of the account receivable amount.

Under the proposed settlement, Target will make a $400,000 payment to the trustee and will not file a claim against Our Alchemy.

A hearing is scheduled for Oct. 30.

Our Alchemy is an independent film distribution company. The company filed for bankruptcy on July 1, 2016 under Chapter 7 case number 16-11596.

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