Modell’s Submits Liquidation Plan, Emerging From Bankruptcy Coma

Modell’s Sporting Goods Inc. unveiled its Chapter 11 liquidation plan, seeking to pay secured and other priority claims in full while mostly freezing out unsecured creditors.

The plan, filed Sept. 18 with the U.S. Bankruptcy Court for the District of New Jersey, comes nearly six months after the retailer became one of the first companies to put its bankruptcy on ice following coronavirus-related shutdowns.

The New York-based sporting goods retailer also would pay taxes and administrative claims in full, according to a company disclosure statement.

Unsecured creditors are expected to recover less than 1% of their $100 million claims. ...