Brookstone Holdings amended plan of liquidation takes effect April 1

By Caroline Salls

Pittsburgh, April 2 – Brookstone Holdings Corp.’s third amended plan of liquidation took effect on Monday, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The plan was confirmed on March 20.

A liquidating trust will be established under the plan to administer post-effective date responsibilities.

Liquidating trust assets will consist of cash owned by each of the debtors and causes of action that have not otherwise been released.

According to the disclosure statement, the plan calls for the distribution of cash to holders of administrative and other priority claims equal to the amount of the claims.

Holders of other secured claims will either be paid in full in cash or receive the collateral securing the claim, plus any interest required to be paid.

Holders of general unsecured claims will receive a share of liquidating trust interests, entitling them to distributions from the trust.

Holders of existing interests will receive no distribution.

Brookstone, a Merrimack, N.H.-based specialty retailer, filed bankruptcy on Aug. 2, 2018. The Chapter 11 case number is 18-11780.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.