Court Approves Loehmann's Restructuring Plan
New York–based Loehmann’s Capital Corp. plans to exit Chapter 11 bankruptcy protection by Feb. 7 after receiving court approval for its disclosure statement and the joint plan of reorganization.
The news follows an earlier agreement reached in mid-December with the official committee of unsecured creditors. The retailer has already reached agreements with shareholder Isthithmar World and Whippoorwill Associates, an investment management company that represents approximately 70 percent of Loehmann’s senior secured notes.
Founded in 1921, Loehmann’s operates 46 stores in 12 states and Washington, D.C.—Alison A. Nieder
