Judge says he will accept Global Brands liquidation plan

By Rick Archer (February 3, 2022, 2:31 PM EST) – A New York bankruptcy judge told wholesaler Global Brands Group on Thursday that he would sign off on his Chapter 11 liquidation plan after learning he had reached an agreement with creditors on how to allocate the cash generated from the sale of its clothing brands.

GBG USA’s lawyer told US bankruptcy judge Michael Wiles there was “overwhelming” support from creditors for the plan, under which first-tier creditors will claim proceeds from the sale and fund litigation that could accrue to the remaining creditors.

GBG filed for bankruptcy in July with approximately $240 million in secured debt as well as…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!



About Author

Comments are closed.