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Francesca’s Bankruptcy Estate Wind-Down Plan Wins Court Approval

July 20, 2021, 5:41 PM

Francesca’s Holdings Corp.'s bankruptcy estate intends to wind down and provide up to 30% recoveries to general unsecured creditors under a court-approved liquidation plan.

Francesca’s, which sold its boutique women’s clothing chain for $18 million to an affiliate of TerraMar Capital LLC and Tiger Capital LLC earlier this year, plans to pay its lenders and priority claimholders in full.

The Chapter 11 case and competitive sale process were “incredibly successful,” Sarah Carnes of Cole Schotz PC, who represents the unsecured creditors committee, said at a hearing Tuesday.

The committee fully supports the plan and is pleased to recover cash from ...

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