Nations Bank filed two objections to confirmation within the August 15, 1995 deadline — a "preliminary" objection and a detailed, thirty-three page objection.
His role as advisor to the Committee and the Debtors was filed by another Arthur Andersen partner, Mr. Other senior management changes during the reorganization, all of which were approved by the Court, include the employment of a new chief financial officer and a new merchandising director with particular experience in crafts.
Mid-level management changes include a new fabrics buyer, new crafts buyer, human resources director, and tax manager.
P., a North Carolina limited partnership which owns and operates a chain of retail stores specializing in fabrics, crafts, and related merchandise, and its general partner, Piece Goods Shops Corp., each filed voluntary chapter 11 petitions on April 19, 1993. (the "Partnership Debtor") and Piece Goods Shops Corp.
Of the approximately 1100 creditors in the cases, the only one to object to the Joint Disclosure Statement was Nations Bank.
At the conclusion of the GOB sales and following unsuccessful efforts to market the leases of the closed stores through assumption and assignment under Section 365 of the Bankruptcy Code, the Debtors rejected the leases in order to limit administrative rent claims.
The Debtors, with Arthur Andersen's assistance, have developed and implemented a new home center store (the "Home Center") which differs from the Debtors' traditional base store.Two creditors, Nations Bank and a landlord for one of the Debtors' stores, filed timely objections to confirmation.The landlord's objection was resolved by consent order.Unprofitable stores have been identified and closed, reducing by about one-third the size of the Debtors' retail chain.In connection with the store closings, the Debtors conducted several Court authorized going-out-of-business sales ("GOB sales") which converted excess inventory to cash.The Debtors and the Committee made a number of modifications and additional disclosures to address Nations Bank's objections.