Former Loot Crate eyes OK of settlement with $6.8 million payout

By Sarah Lizee

Olympia, Wash., Oct. 5 – Old LC, Inc., formerly Loot Crate, Inc., and its official committee of unsecured creditors are seeking approval of a settlement that the parties are calling “a crucial step toward the conclusion” of the debtor’s Chapter 11 case, according to a motion filed with the U.S. Bankruptcy Court for the District of Delaware.

Through the proposed settlement, the defendants – Upfront V, LP, Breakwater Credit Opportunities Fund, LP and related affiliates and individuals – will pay $6.8 million in exchange for mutual releases between the parties.

The payment must be paid within 30 days of a final order approving the settlement.

Los Angeles-based Loot Crate sells pop culture subscription boxes. The company filed bankruptcy on Aug. 11, 2019 under Chapter 11 case number 19-11791.

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