Bankruptcy & Restructuring News & Analysis

Former Big Lots has filed to convert its Chapter 11 bankruptcy case to liquidation after administrative costs reached $60 million. The retailer successfully sold substantially all assets to Gordon Brothers Retail Partners, preserving thousands of jobs and the Big Lots brand.

Simon Property Group has objected to Razzoo's restaurant chain's bankruptcy financing plan, arguing the budget fails to include post-petition rent payments and forces landlords to serve as involuntary creditors. The major shopping center owner seeks adequate protection while not opposing the DIP financing generally.

The proposed sale represents part of a broader liquidating plan pursuant to an existing Plan Support Agreement

Claire's seeks bankruptcy court approval of its Chapter 11 plan after successfully pivoting from a planned full-chain liquidation to a going-concern sale that preserved over 800 stores and thousands of jobs

The plan estimates a 100% recovery for general unsecured creditors through a settlement with lenders—significantly better than the zero recovery projected in a Chapter 7 liquidation