Brooks Brothers Group Inc. received court approval to circulate a liquidation plan that would repay a fraction of unsecured creditors’ claims with the proceeds from a $325 million bankruptcy sale of the men’s fashion company.
Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware approved the retailer’s Chapter 11 plan disclosure materials during a telephonic hearing Tuesday.
The company, winding down in bankruptcy as BBGI US Inc., said it plans to add clarifying language in the plan documents pertaining to third party litigation releases and administrative expense payments.
BBGI US Inc. projects that general unsecured ...
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