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February 10, 2016 10:57 AM ET

Specialty Retail

Company Overview of LI Liquidation Co. Inc.

Company Overview

On September 17, 2014, LI Liquidation Co. Inc. went out of business as per its Chapter 11 liquidation filing under bankruptcy. LI Liquidation Co. Inc. retails sportswear, shoes, handbags, accessories, and other fashion products for women. It offers activewear, denims, dresses, hosiery, intimates, blazers, and outerwear; and boots and booties, flats, pumps, and sandals, as well as casual, designer, weather, and athletic shoes. The company also provides backpacks, clutches, hobos, leather goods, satchels, and crossbody and designer handbags; belts, hats, jewelry, scarves, fragrance products, and gift and loyalty cards; and men’s products. It offers products online; and through retail stores in...

2500 Halsey Street

Bronx, NY 10461

United States

Founded in 1920

Phone:

718-518-2779

Fax:

718-430-5363

Key Executives for LI Liquidation Co. Inc.

LI Liquidation Co. Inc. does not have any Key Executives recorded.

LI Liquidation Co. Inc. Key Developments

Liquidation Plan Approved for LHI Liquidation Co. Inc

The US Bankruptcy Court approved the plan of liquidation of Loehmann's Holdings Inc. on July 22, 2014. The debtor had filed its amended plan in the Court on April 21, 2014. As per the plan filled, administrative claims, priority tax claims, priority non-tax claims amounting to $1.4 million, $0.12 million and $0.31 million respectively will be paid in full in cash. The first priority credit agreement claims in original amount of $13.13 million have already been paid during the bankruptcy. Allowed U.S. Trustee fees, committee member expense reimbursement claims, miscellaneous secured professional fees for debtor and professional fee claims for the creditors’ committee will be paid in full in cash. The second priority credit agreement claims of $14.46 million will be paid in cash and third priority credit agreement claims of $71.95 million are not entitled to any recovery. The General Unsecured Claims of $46.14 million will have an estimated recovery of 1.17%. The Intercompany Claims are not entitled to any recovery and equity interest will be canceled. The plan will be funded from cash in hand and asset sale.

Liquidation Plan & Disclosure Statement Filed by Loehmann's Holdings Inc.

Loehmann's Holdings, Inc. filed a plan of liquidation with related disclosure statement in the US Bankruptcy Court on April 21, 2014. As per the plan filled, administrative claims, committee member expense reimbursement claims, U.S. Trustee fees, priority tax claims, miscellaneous secured, priority non-tax claims, professional fees for debtor and professional fee claims for the creditors’ committee will be paid in full in cash. The first priority credit agreement claims in original amount of $13.13 million have already been paid during the bankruptcy. The second priority credit agreement claims of $14.46 million will be paid in cash and third priority credit agreement claims of $71.95 million are not entitled to any recovery. The general unsecured claims will also be paid in cash. The Intercompany Claims are not entitled to any recovery and equity interest will be canceled. The plan will be funded from cash in hand and asset sale.

Motion for Asset Sale Approved for Loehmann's Holdings Inc.

The US Bankruptcy Court gave an order approving the sale of certain assets of Loehmann's Holdings, Inc. on April 9, 2014. The debtor has been authorized to sell its certain assets to Blackwell Partners, LLC for a purchase price of $0.53 million in cash. The asset purchase agreement was signed on April 8, 2014. The debtor’s assets include a potential claim in connection with the class action case styled In re Payment Card Interchange Fee and Merchant-Discount Antitrust Litigation to Cascade Settlement Services LLC.

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