Lord & Taylor Owner Authorized to Seek Votes on Bankruptcy Plan

The owner of Lord & Taylor, the oldest department store in the U.S., won bankruptcy court approval to seek votes for its Chapter 11 plan after settling with secured creditors.

If confirmed, Le Tote Inc.'s plan would provide about an 8% return to unsecured creditors, which hold around $82.8 million in claims, the company said at a hearing Tuesday.

Judge Keith L. Phillips of the U.S. Bankruptcy Court for the Eastern District of Virginia approved Le Tote’s disclosure statement Tuesday as well as a settlement with secured lender HBC US Holdings Inc. and affiliates, subsidiaries of Hudson’s Bay Co. ULC. ...