Barneys New York announces Feb. 11 as Chapter 11 plan effective date

By Caroline Salls

Pittsburgh, Feb. 11 – Barneys New York Inc.’s Chapter 11 plan took effect on Tuesday, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of New York.

The plan was confirmed on Feb. 5.

A plan administrator will be appointed to finalize the winddown of the Barneys debtors’ estates, monetize any remaining assets and make distributions to creditors. According to the disclosure statement, the plan administrator will be Barneys financial adviser M-III Advisory Partners, LP or another entity or individual appointed by the company in consultation with its official committee of unsecured creditors.

Under the plan, holders of pre-bankruptcy secured claims will receive a share of $25,000.

Holders of other secured claims will be paid in full in cash.

Holders of priority claims will receive a share of a priority claims recovery.

Holders of general unsecured claims will receive a share of a general unsecured claims recovery.

Intercompany claims will be reinstated or canceled, at the option of the debtors.

Interests will be canceled and extinguished, and holders will receive no distribution.

Barneys is a New York-based luxury specialty retailer. The company filed bankruptcy on Aug. 6, 2019 under Chapter 11 case number 19-36300.

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