Former Brooks Brothers plan accepted by voting creditor classes

By Sarah Lizee

Olympia, Wash., March 4 – BBGI US, Inc.’s, formerly Brooks Brothers Group, Inc., Chapter 11 plan was accepted by both voting creditor classes, according to a tabulation summary filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the one holder of the $62 million of PBGC claims voted to accept the plan, and 152 holders, or 88.89% in number, of $112.95 million, or 71.29% in amount, of general unsecured claims voted to accept the plan, while 19 holders, or 11.11% in number, of $45.49 million, or 28.71% in amount, voted to reject the plan.

The plan confirmation hearing is scheduled for March 5.

The company said it will distribute the remaining cash proceeds from the sale of the debtors’ assets to creditors, as previously reported.

All administrative expense claims, priority tax claims or other priority claims and secured claims are unimpaired by the plan.

Holders of general unsecured claims will receive interests in a liquidation trust that will liquidate the debtors’ remaining assets and make cash distributions to holders, and interests in a litigation trust that will pursue certain potential estate causes of action for the benefit of holders.

Intercompany claims and subordinated claims will be adjusted, continued, settled, reinstated, discharged or eliminated.

Debtor interests will be canceled with no distribution.

BBGI is an apparel retailer based in New York City. The company filed bankruptcy on July 8, 2020 under Chapter 11 case number 20-11785.

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