Sequential Brands gets confirmation of Chapter 11 liquidation plan

By Sarah Lizee

Olympia, Wash., Feb. 22 – Sequential Brands Group, Inc.’s Chapter 11 plan of liquidation was confirmed on Tuesday by the U.S. Bankruptcy Court for the District of Delaware, according to an order.

The plan provides for the distribution on the effective date of cash to the holders of allowed administrative claims and professional fee claims in an amount equal to the allowed amount of those claims.

Allowed priority tax claims will be unimpaired.

Holders of term B secured claims will receive their pro rata share of liquidating trust interests, which will entitle holders to distributions from the liquidating trust.

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

Holders of other priority claims will receive payment in full in cash.

Holders of general unsecured claims and section 510 claims will have their claims canceled with no distribution.

Intercompany claims and interests will be reinstated or canceled.

Existing parent equity interests will be canceled and holders will not receive or retain any property under the plan.

New York-based Sequential Brands owns, manages and licenses consumer brands across multiple industries. The company filed bankruptcy on Aug. 31 under Chapter 11 case number 21-11194.

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