BSCV secures bankruptcy court approval for plan of liquidation

By Caroline Salls

Pittsburgh, Sept. 17 - BSCV, Inc.'s plan of liquidation was confirmed Thursday by the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, proceeds from the sale of substantially all of the company's assets were used to pay down its secured creditors.

BSCV said the remaining proceeds will be used to fund plan distributions and to pay bankruptcy administrative costs.

The company said it expects to have $10 million to $13 million available to pay its general unsecured creditors, and it also expects to receive $7 million in tax refunds during 2009, which would also be used to pay unsecured claims.

Treatment of creditors will include:

• Holders of priority claims will recover 100% in cash;

• Holders of $110 million to $130 million in general unsecured claims are slated to recover 7.6% to 16.3% through their share of distributable cash;

• Holders of common stock interests and subsidiary debtor interests will retain those interests; and

• Holders of subordinated claims and pre-bankruptcy intercompany claims will receive no distribution under the plan.

BSCV, a Reading, Pa.-based regional department store chain, filed for bankruptcy on Aug. 4, 2008. Its Chapter 11 case number is 08-11637.

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