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Article Date: June 2017
Word Count: 722

Unsecured Creditor Lawyers Strongly Urge Rejection of Payless Confirmation Plan

Calling the confirmation plan submitted by Payless a sham that would deprive unsecured creditors of potentially valuable claims relating to $350 million in dividends paid out to the private equity firms that owned the company, Payless’ unsecured creditor lawyers filed a strongly-worded objection to the plan proffered by Payless and asked the court to include a letter they have written to their clients in materials that are sent to creditors for confirmation. The two sides are far apart in their positions, with the unsecured creditors seeing a $350 million windfall that would mean a substantial payout to unsecured creditors and ... Log in to view full article.


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