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Bombay files liquidation plan; disclosure statement hearing July 2
By Caroline Salls
Pittsburgh, May 30 - The Bombay Co., Inc. filed a plan of liquidation and related disclosure statement Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.
The plan was filed in conjunction with the company's official committee of unsecured creditors.
As previously reported, Bombay has already sold a majority of its assets.
The company said its remaining assets include cash, causes of action, intercompany distributions from Bombay's Canadian operations and its interest in Bombay Brands, LLC.
All assets remaining on the plan effective date will be transferred to a liquidating trust for distribution to creditors and to fund a wind-down reserve.
Treatment of creditors under the plan will include:
• Holders of administrative expense claims, priority non-tax claims and priority tax claims will recover 100% in cash;
• Holders of secured claims will receive either proceeds of the sale of the collateral securing their claims or return of the collateral securing the claims;
• Holders of general unsecured claims will receive a beneficial interest in a liquidating trust to be established under the plan, which will entitle these creditors to a share of any cash distribution from a distribution fund; and
• Holders of subordinated claims, intercompany claims and interests will receive no distribution under the plan.
The disclosure statement approval hearing is scheduled for July 2.
Bombay, a Fort Worth, Texas-based designer, importer and marketer of proprietary home furnishings, filed for bankruptcy on Sept. 20, 2007. Its Chapter 11 case number is 07-44084.
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