Forever 21 Floats Ch. 11 Plan With Small Unsecured Payout

Law360 (June 14, 2021, 7:02 p.m. EDT) – Bankrupt fast fashion retailer Forever 21 has offered a new update to its Chapter 11 plan that would provide a small clawback to unsecured creditors after the sale of most of the assets of the debtor.

In an amended plan and disclosure statement filed in Delaware on Friday, Forever 21 said that since closing its asset sale in February 2020 that ensured the brand’s survival under new ownership, it has been working hard effectively terminate its operations and maximize the value of its remaining assets.

“Since the closing of the sale, the debtors have been working on certain value-generating sites to provide …

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