Brand Manager GBG Gets Bankruptcy Court OK on Liquidation Plan

GBG USA Inc., a subsidiary of Global Brands Group Holding Ltd., won court approval of a bankruptcy plan that leaves some creditors with almost no recovery.

• U.S. Bankruptcy Judge Michael Wiles said he would approve the plan pending minor changes discussed in a hearing held by telephone Thursday
• GBG sold off its assets -- including Sean John, Aquatalia, and Western shirt company Ely & Walker -- and will distribute the proceeds to creditors
  • Previously: Sean ‘Diddy’ Combs Wins Bankruptcy Auction for His Fashion Brand
• The company went bankrupt last year with more than $240m of outstanding debt, ...