Le Tote disclosure statement hearing rescheduled for Dec. 21

By Sarah Lizee

Olympia, Wash., Dec. 4 – Le Tote, Inc.’s disclosure statement hearing has been rescheduled to Dec. 21 from Dec. 10, according to a notice filed Thursday in the U.S. Bankruptcy Court for the Eastern District of Virginia.

As previously reported, Le Tote filed a Chapter 11 plan that sets forth its key goals of swiftly monetizing the value of the debtors’ estates and distributing estate assets.

Under the plan, priority claims will be paid in full in cash.

To the extent not already paid in full in cash, holders of ABL secured claims and term loan secured claims will be paid in full in cash under the plan.

Holders of HBC secured claims will be paid in full in cash.

Holders of general unsecured claims will receive a share of any distributable cash.

Holders of Le Tote interests will receive no distribution.

Holders of other secured claims will be paid in full in cash, receive the collateral securing the claims or have their claims reinstated.

New York-based Lord & Taylor, a unit of Le Tote, operates fashion stores in the United States. The company filed bankruptcy on Aug. 2 under Chapter 11 case number 20-33332.

© 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.