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Charming Charlie gets confirmation of Chapter 11 liquidation plan
By Sarah Lizee
Olympia, Wash., July 21 – Charming Charlie Holdings Inc. received confirmation of its Chapter 11 plan of liquidation, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.
The company said the plan facilitates the orderly wind down of the debtors, the monetization of the debtors’ remaining assets, and the distributions of the proceeds to creditors.
A plan administrator will be appointed on the effective date to act on behalf of the estates and make distributions to creditors.
Under the plan, holders of other priority claims will receive payment in full in cash of the unpaid portion of their claims.
Holders of other secured claims will receive the return of the property securing their claims, payment in full in cash, or other treatment that renders the claims unimpaired.
Holders of prepetition secured loan claims will receive their pro rata share of the prepetition secured loan recovery, which means any cash in excess of amounts necessary to satisfy administrative claims, professional fee claims, general unsecured creditor recovery and WARN settlement in full in cash, up to payment in full of the claims.
Holders of general unsecured claims will receive their pro rata share of the general unsecured creditor recovery, which is 25% of the net avoidance action proceeds up to payment in full of the claims.
Intercompany claims will be released without any distribution.
Intercompany interests will either be reinstated for administrative convenience or released without any distribution.
Interests in the company and section 510(b) claims will be canceled with no distribution.
Charming Charlie is a Houston-based retailer of jewelry and accessories for women. The company filed bankruptcy on July 11, 2019 under Chapter 11 case number 19-11534.
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