Judge says he will accept Global Brands liquidation plan

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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…

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