The U.S. Bankruptcy Court confirmed Hancock Fabrics’ Second Amended Joint Chapter 11 Plan of Liquidation.
According to documents filed with the Court, “The Plan provides that, among other things, the Debtors’ current Board of Directors will be succeeded by the Responsible Person, who will be appointed by order of the Bankruptcy Court to oversee the post-confirmation Estates and make judgments concerning winddown matters and Rights of Action. The Debtors and the Creditors’ Committee subject to Bankruptcy Court approval, are seeking to appoint Meta Advisors to serve as the Responsible Person. Meta is an affiliate of Kelley Drye and Warren LLP, counsel to Creditors’ Committee member DDR Corporation (and other creditors in the Chapter 11 Cases).”
In addition, “The Creditors’ Committee has agreed that Meta will retain Mr. Joseph Marchese, who has extensive experience with the Debtors’ operations, business records and financial matters prior to and during the Chapter 11 Cases, to serve as financial advisor to manage the winddown of the Estates.”
This fabric retailer filed for Chapter 11 protection on February 2, 2016, listing $157 million in pre-petition assets.
Read more Hancock Fabrics bankruptcy news.