Former Limited Stores amended liquidation plan effective as of Jan. 2

By Caroline Salls

Pittsburgh, Jan. 3 – LSC Wind Down, LLC, formerly Limited Stores Co., LLC, said in a notice filed with the U.S. Bankruptcy Court for the District of Delaware that its second amended plan of liquidation took effect on Jan. 2.

The plan was confirmed on Dec. 20.

As previously reported, the company sold substantially all of its remaining assets, which included intellectual property and related assets and inventory.

LSC said the net sale proceeds were used to pay the debtor-in-possession financing and pre-bankruptcy secured term loan claim in full.

The remaining proceeds and the collection and liquidation of remaining assets will be used to make payments, to the extent of available cash, under the plan.

According to the disclosure statement, holders of pre-bankruptcy revolving secured claims were also paid in full.

Liberty Mutual will receive a portion of the cash it holds to collateralize its secured claim, and the balance will be paid to the liquidating debtors or plan administrator.

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

Holders of priority WARN Act claims and priority non-tax claims will receive a share of cash after payment of senior claims.

Holders of general unsecured claims will receive a share of available cash.

Holders of interests and subordinated claims will receive no distribution.

Limited Stores is a New Albany, Ohio-based retailer of contemporary upscale branded women’s apparel. The company filed for bankruptcy on Jan. 17, 2017 under Chapter 11 case number 17-10124.

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