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Article Date: September 2017
Word Count: 458

MC Bankruptcy Plan Approved


The Michigan bankruptcy court approved a final plan that will have an estimated $2,392,000 available for distribution, not counting any professional fee holdbacks. It does not include the proceeds from the sale of the intellectual property for $76,102, which was acquired by Sports Direct, the U.K. sporting goods giant that has already established a foothold in the Northeast with its acquisition of Bob’s Stores and Eastern Mountain Sports from another bankruptcy. The plan also provides that CEO Bruce Ullery will remain with the debtor at a salary of $5,000 per month to wind down the company’s affairs, at which point ... Log in to view full article.

 


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