Company Overview of Seal123, Inc.
On December 31, 2015, Seal123, Inc. went out of business as per its Chapter 11 liquidation filing under bankruptcy. The Wet Seal, Inc. sold substantially all of its assets. Previously, the company operated as a multi-channel specialty retailer that sells fashionable and contemporary apparel and accessory items for female consumers. The Wet Seal, Inc. was founded in 1962 and is based in Foothill Ranch, California.
Foothill Ranch, CA 92610
Founded in 1962
Key Executives for Seal123, Inc.
Seal123, Inc. does not have any Key Executives recorded.
Seal123, Inc. Key Developments
Wet Seal, Inc. (The)’s Class A Common Stock Deleted From Other OTC
Jan 4 16
Wet Seal, Inc. (The)’s Class A Common Stock has been deleted from Other OTC, effective January 4, 2016. The deletion was due to plan of bankruptcy effective. All shares cancelled.
Seal 123 Files Form 15
Dec 31 15
Seal 123, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Class A Common Stock, $0.10 par value per share under the Securities Exchange Act of 1934, as amended.
First Amended Liquidation Plan Approved for Seal123, Inc.
Oct 30 15
The US Bankruptcy Court approved the first amended liquidation plan of The Wet Seal Inc. on October 30, 2015. As per the approved plan, assumed non-ordinary course administrative claims, non-assumed non-ordinary course administrative claims, assumed ordinary course administrative claims, United States Trustee fees, professional fee claims, priority tax claims, and priority claims shall be paid in full in cash. Buyer made a credit bid for DIP Facility claims and there are no outstanding claims. L/C Facility claim holders amounting to $18.33 million shall retain the L/C cash collateral and satisfy all the L/C obligations of debtor from the same. Secured claims shall be paid in full in cash, or return the collateral, or reinstated. Prepetition Credit Agreement claims of $1.67 million shall be paid in cash equal to the value of such claims. General unsecured claims of $91 million will receive their pro rata share of the Liquidation Trust Interests with a recovery of 5.5%-6.6%. Assumed general unsecured claims shall receive payment in full by buyer in the ordinary course of business in accordance with the terms and conditions of any agreements relating thereto. Subordinated claims and equity interests shall not receive any distribution. The plan shall be funded with cash and assets of liquidation trust.
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