U.S. Bankruptcy Judge Christopher S. Sontchi in the District of Delaware has confirmed the plan of liquidation in the Chapter 11 bankruptcy case of discount general merchandise retailer Fred’s, Inc. Lowenstein Sandler serves as counsel to the Official Committee of Unsecured Creditors in the matter.
The original plan was rejected at the recommendation of the Committee due to terms considered unfavorable to the creditors. The Lowenstein team engaged in several months of extensive negotiations with the debtors over issues including third party and debtor releases, finally reaching an amended plan which provides approximately 5 percent recovery to the unsecured creditors on their nearly $100 million in claims and the potential pursuit of additional claims post-confirmation.
The Lowenstein team includes Jeffrey Cohen, Nicole Fulfree, Michael A. Kaplan, Colleen M. Maker, and Lindsay H. Sklar.
About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with over 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.
