Former Anchor Blue Retail Group: Plan of reorganization confirmed

By Lisa Kerner

Charlotte, N.C., Feb. 16 - Hub Holding Corp., formerly Anchor Blue Retail Group, had its first amended joint plan of reorganization confirmed, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, creditors will be treated as follows:

• Holders of administrative expense claims, priority non-tax claims and priority tax claims will be paid in full in cash;

• To the extent that they have not been paid before the plan effective date, holders of Wachovia secured lender claims will be paid in accordance with a global claim settlement;

• To the extent that they have not been paid before the plan effective date, holders of Ableco claims will receive a share of a liquidating trust fund on account of their unsecured claim for an estimated 2% to 4% recovery;

• Holders of other secured claims will receive either the collateral securing their claims or cash equal to the value of the collateral;

• Holders of general unsecured claims will receive a share of the liquidating trust fund for an estimated recovery of 2% to 4%; and

• Interest holders will receive no distribution.

Anchor Blue, an Ontario, Calif., holding company for its Anchor Blue Division and Levi's & Dockers Outlet by MOST Division subsidiaries, filed for bankruptcy on April 27, 2009. The Chapter 11 case number is 09-11770.

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