Barneys New York’s bankruptcy estate said Friday that its Chapter 11 plan to exit the proceedings — which typically includes arrangements on how to repay its debts to vendors, employees and others — has overwhelming support among its creditors.
In filings in New York bankruptcy court, the company said that more than 82 percent of its general unsecured creditors, who are owed money for goods and services performed before Barneys filed for bankruptcy in August, as well as more than 180 administrative creditors who provided goods and services during the bankruptcy, support the plan.
“The plan is the culmination of the debtors’ unceasing efforts to realize the highest possible recoveries for stakeholders under extremely challenging circumstances,” the company wrote in the filing. “Indeed, the debtors’ management team and advisors spent many hours both pre- and post-petition evaluating and negotiating restructuring alternatives to provide the most value for the debtors’ stakeholders.”
Many of the plan’s previous dissenters, including Google and an employees’ union, have resolved their disagreements with the company, Barneys said in the filing Friday. Google had previously said it was owed more than $975,000 for its advertising services during the bankruptcy proceedings, but has since resolved its objection, according to court filings.
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In filings in New York bankruptcy court, the company said that more than 82 percent of its general unsecured creditors, who are owed money for goods and services performed before Barneys filed for bankruptcy in August, as well as more than 180 administrative creditors who provided goods and services during the bankruptcy, support the plan.
“The plan is the culmination of the debtors’ unceasing efforts to realize the highest possible recoveries for stakeholders under extremely challenging circumstances,” the company wrote in the filing. “Indeed, the debtors’ management team and advisors spent many hours both pre- and post-petition evaluating and negotiating restructuring alternatives to provide the most value for the debtors’ stakeholders.”
Many of the plan’s previous dissenters, including Google and an employees’ union, have resolved their disagreements with the company, Barneys said in the filing Friday. Google had previously said it was owed more than $975,000 for its advertising services during the bankruptcy proceedings, but has since resolved its objection, according to court filings.
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