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10 turnarounds & Workouts

September 2015

Special Report

Retailer Creditor Recoveries

The following charts summarize key findings regarding recoveries by general unsecured creditors in bankruptcy cases filed by large retailers, grocery stores and restaurant chains. The data regarding creditor recoveries was generated from an analysis of estimates provided by debtors in disclosure statements filed between January 1, 2012 and September 10, 2015. Some of the cases covered in our study were filed as early as 2001, but most were also filed in the 2012-2015 timeframe. In collecting the data for this study, only the last-filed disclosure statement was used for cases in which multiple versions of the disclosure statement were filed. Additionally, disclosure statements which did not provide an estimate of the percentage recovery for general unsecured creditors were excluded in charting recovery estimates. No attempt was made to independently estimate recoveries in such cases. The charts represent only the plan proponents’ estimates of recoveries which may differ from actual recoveries received by creditors in such cases. To view a list of the bankruptcy cases examined in preparing this data, please visit https://www.chapter11dockets.com/about/cases.

of the bankruptcy cases examined in preparing this data, please visit https://www.chapter11dockets.com/about/cases .

Midpoint Estimated General Unsecured Creditor Recoveries:

 

Almost Half of All Large Retail, Grocery, and Restaurant

Retail, Grocery, and Restaurant Chain Plans Proposed 2012-

2015

Chain Bankruptcies Resulted in Proposed Recoveries to General Unsecured Creditors of 10% or Less for

Chain Bankruptcies Resulted in Proposed Recoveries to General Unsecured Creditors of 10% or Less for Plans Proposed Between 2012 and 2015 (Year to Date)

Proposed Recoveries to General Unsecured Creditors of 10% or Less for Plans Proposed Between 2012 and

Estimated General Unsecured Creditor Recoveries in Notable Large Chapter 11 Cases

Debtor Name

Filing Date

Bankruptcy Jurisdiction

Estimated. GUC

 

Recovery Range

Ames Department Stores, Inc. Circuit City Stores, Inc. The Great Atlantic & Pacific Tea Company, Inc. Borders Group, Inc. Orchard Supply Hardware Stores Corporation Loehmann's Holdings Inc. Brookstone Holdings Corp. Coldwater Creek Inc. The Wet Seal, Inc. C. Wonder LLC

8/20/01

Southern District of New York Eastern District of Virginia Southern District of New York Southern District of New York Delaware Southern District of New York Delaware Delaware Delaware New Jersey

0.0 - 1.0% 0.0 - 13.5% 2.1 - 2.7% 4.0 - 10.0% 2.1 - 3.0% 1.0 - 1.2% 11.4 - 30.5%

10.5%

5.5 - 6.6% 7.0 - 20.6%

11/10/08

12/12/10

2/16/11

6/17/13

12/15/13

4/3/14

4/11/14

1/15/15

1/22/15

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