Sur La Table Chapter 11 bankruptcy case closed following confirmation

By Sarah Lizee

Olympia, Wash., Dec. 9 – Sur La Table, Inc.’s Chapter 11 bankruptcy was closed Tuesday by the U.S. Bankruptcy Court District of New Jersey.

As previously reported, the company’s first amended joint plan of liquidation was confirmed and the related disclosure statement was approved on a final basis on Oct. 22. The plan became effective on Nov. 6.

The plan vested all unencumbered cash in a liquidation trust for the purpose of distribution to holders of allowed claims, provided for the full and final resolution of funded debt obligations and designated a liquidation trustee to wind down the debtors’ affairs.

It also provided for full recoveries for holders of administrative claims, professional fee claims, secured tax claims, priority tax claims, other secured claims and other priority claims.

Holders of allowed class 4 ABL secured claims and allowed class 5 term loan secured claims were to receive their pro rata share of encumbered cash.

Holders of allowed general unsecured claims were to receive their pro rata share of beneficial trust interests, which would entitle holders to receive their pro rata share of liquidation trust assets.

Existing intercompany claims and existing interests were canceled without any distribution.

Sur La Table is a Seattle-based home furnishings retailer. The company filed bankruptcy on July 8 under Chapter 11 case number 20-18368.

© 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.