Northwest Co.’s Chapter 7 trustee files final report

By Sarah Lizee

Olympia, Wash., Oct. 19 – Northwest Co., LLC’s Chapter 7 trustee filed a final report with the U.S. Bankruptcy Court for the Southern District of New York on Wednesday.

All scheduled and known assets of the estate have been reduced to cash, released to the debtor as exempt property or have been or will be abandoned.

The trustee realized gross receipts of $15.87 million.

Of that amount, $3.77 million was used for administrative expenses, $60,547.99 was used for bank service fees and $401,938.91 was used for other payments to creditors. This left a balance of about $11.64 million.

The trustee reported that none of the balance will be paid to secured creditors, $2.24 million will be paid for Chapter 7 administrative expenses, $74,158.37 will be paid for prior administrative expenses, $143,598.57 will be paid to priority creditors, and none of the balance will be paid to general unsecured creditors.

This leaves a remaining balance of $9.18 million.

Northwest is a Roslyn, N.Y.-based branded home textiles company. The company filed bankruptcy on April 18, 2020 under Chapter 11 case number 20-10990. The case was converted to Chapter 7 on Nov. 20, 2020.

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