Iconic sporting goods retailer Modell’s Sporting Goods has filed a notice indicating that their first amended joint plan of liquidation went into effect on Tuesday, December 1, 2020. The plan, which was confirmed by U.S. Bankruptcy Judge Vincent Papalia, District of New Jersey, on November 13, 2020, is the product of a Chapter 11 case that saw the successful liquidation of all of Modell’s stores in the face of unprecedented legal and practical challenges caused by the case being filed on March 11, 2020‒the eve of the COVID-19 shutdowns. Under the liquidating plan, a trustee has been appointed to liquidate the Debtors’ remaining assets, reconcile claims held by and against the Debtors’ estates, and make distributions to holders of allowed claims. The plan provides for general unsecured creditors to receive a pro rata share of any remaining assets after payment of allowed secured, administrative, and priority claims.
Lowenstein served as counsel to the Official Committee of Unsecured Creditors in the Modell’s case and now represents the Liquidating Trustee. The Lowenstein team is led by Jeffrey Cohen, Jennifer Fiorica Delgado, Michael A. Kaplan, Nicole Fulfree, Michael Papandrea, and Claudia Lorenzo.
About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with more than 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
Stephen J. Kimmerling
Director, Marketing Communications
Lowenstein Sandler LLP
T: +1 973.597.6176