CLOSTER, N.J., Dec. 17, 2010 /PRNewswire/ -- Alan Cohen, Chairman of Abacus Advisors LLC and
Chief Restructuring Officer for FB Liquidating Estate (formerly
known as Filene's Basement, Inc.), today announced that a second
distribution of dividend checks to Filene's unsecured creditors
amounting to 12.5% of approved claims has been made, bringing the
cumulative distributions on unsecured claims to 62.5%.
"The company is still reconciling claims that are disputed or
that were filed in amounts different from the amounts shown on the
company's records," said Cohen. "As these claims are reconciled and
disputes are resolved, the Debtor will make additional
distributions to holders of allowed unsecured claims. We ultimately
expect to pay dividends to unsecured creditors that total 75% or
more of their allowed claims."
As previously reported, secured creditors in the Chapter 11 case
have been paid in full, and holders of priority, administrative and
convenience class claims have received 100% of their allowed
claims.
Filene's Basement voluntarily filed for protection under Chapter
11 of the U.S. Bankruptcy Code on May 4,
2009. An affiliate of Syms Corp. (Nasdaq: SYMS)
acquired substantially all of the company's assets on June 18, 2009, in a transaction executed under
Section 363 of the Bankruptcy Code, buying leases for 23 Filene's
store locations and a distribution center, along with inventory,
fixed assets and equipment at those locations, as well as certain
Filene's contracts, intellectual property, trade names and related
assets. Syms currently operates 26 Filene's Basement locations in
nine eastern and Midwestern states and the District of Columbia.
Questions about unsecured claims should be directed to
Steve Goldstein, Corporate Secretary
of FB Liquidating Estate, fbleinc4sg@aol.com, with a copy to Dan
O'Brien at dobrien@lmco-ny.com. Creditors can also contact counsel
for the Debtor or Creditors' Committee:
Laura Davis Jones,
Esq.
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Lawrence Gottlieb,
Esq.
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Pachulski Stang Ziehl &
Jones LLP
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Cooley LLP
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919 North Market Street, 17th
floor
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1114 Avenue of the
Americas
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Wilmington, DE
19899-8705
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New York, NY
10036-7798
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302-652-4100
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212-479-6000
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Attorneys for the
Debtors
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Attorneys for the Creditors'
Committee
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About Abacus Advisors
Abacus Advisors (www.abacusadvisors.com) is one of the most
experienced turnaround and restructuring firms in the United States. The firm assists
companies of all sizes with comprehensive operational turnarounds,
Chapter 11 reorganizations, business wind-downs, real estate
dispositions, and out-of-court restructurings. Founded in 1999, the
firm has offices in metro New
York, metro Chicago and
Boca Raton, Fla.
Available Topic Expert(s): For
information on the listed expert(s), click appropriate
link.
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Alan Cohen
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https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=90568
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Terrence Corrigan
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https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=90571
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SOURCE Abacus Advisors LLC