LL Flooring Confirms Wind-Down Plan After ‘Chaotic’ Ch. 11
Discount home renovation retailer LL Flooring was cleared to wind down in Chapter 11 on Wednesday, with a Delaware bankruptcy judge commending the parties for reaching a consensual plan despite a turbulent case that narrowly missed a full liquidation.
Michael E. Fitzpatrick, of Cole Schotz PC, representing the official committee of unsecured creditors, said the creditors agreed to subordinate some $2 million in expenses in the case and that the committee was pleased with how the case played out given how it started.
“This case is an example that consensus can be reached for the greater good,” said Fitzpatrick. Unsecured trade creditors, he noted, now have 219 LL Flooring stores to do business with going forward, a better result than a full liquidation.
The official committee of unsecured creditors is represented by Justin R. Alberto, Patrick J. Reilley, Stacy L. Newman, Michael E. Fitzpatrick, Jack M. Dougherty and Stuart Komrower of Cole Schotz PC.
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As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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