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Former Rockport seeks dismissal of Chapter 11 bankruptcy case
By Sarah Lizee
Olympia, Wash., Feb. 8 – RP Co. Liquidating, LLC, formerly Rockport Co., LLC, is seeking dismissal of its Chapter 11 bankruptcy case, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
The company filed bankruptcy in June 2023 to sell substantially all of its assets. On Aug. 7, the assets were sold to ABG-Regatta LLC and ABG Intermediate Holdings 2 LLC in exchange for about $52.7 million.
The proceeds of the sale were used to satisfy senior debt.
Following the sale, the company’s remaining secured lenders consented to the use of their cash collateral to fund transition services and allow the debtors to collect accounts receivable, continue the process of monetizing their non-debtor foreign subsidiaries and wind down their operations, as well as to satisfy certain expenses.
The company said it believes that, as of the dismissal of the cases, the debtors will have paid or will have access to funds to pay all known, valid administrative expense claims.
But the estates do not and will not have funds available to make a distribution to holders of general unsecured claims, the company said.
“Although the debtors have explored alternative options to bring these Chapter 11 cases to a conclusion, the debtors believe that dismissal is the most expeditious and cost-effective mechanism to wind down these Chapter 11 cases,” the company said in the motion.
Rockport, a West Newton, Mass.-based footwear company, filed its first bankruptcy case on May 14, 2018, and emerged from those proceedings on Dec. 31, 2018. The company filed bankruptcy a second time on June 14, 2023 under Chapter 11 case number 23-10774.
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