Iconic sporting goods retailer Modell’s Sporting Goods has filed a notice indicating that their first amended joint plan of liquidation went into effect on Tuesday, December 1, 2020. The plan, which was confirmed by U.S. Bankruptcy Judge Vincent Papalia, District of New Jersey, on November 13, 2020, is the product of a Chapter 11 case that saw the successful liquidation of all of Modell’s stores in the face of unprecedented legal and practical challenges caused by the case being filed on March 11, 2020‒the eve of the COVID-19 shutdowns. Under the liquidating plan, a trustee has been appointed to liquidate the Debtors’ remaining assets, reconcile claims held by and against the Debtors’ estates, and make distributions to holders of allowed claims. The plan provides for general unsecured creditors to receive a pro rata share of any remaining assets after payment of allowed secured, administrative, and priority claims.
Lowenstein served as counsel to the Official Committee of Unsecured Creditors in the Modell’s case and now represents the Liquidating Trustee. The Lowenstein team is led by Jeffrey Cohen, Jennifer Fiorica Delgado, Michael A. Kaplan, Nicole Fulfree, Michael Papandrea, and Claudia Lorenzo.
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