Item 1.03 Bankruptcy or Receivership.
As previously disclosed, on
Confirmation of the Plan of Reorganization
On
The effective date of the Plan of Reorganization (the "Effective Date") will
occur as soon as all conditions precedent to the Plan of Reorganization have
been satisfied. The Effective Date is currently expected to occur in
Summary of the Plan of Reorganization
The following is a summary of the material terms of the Plan of Reorganization,
as confirmed by the
· Other than the Administrative Claims, DIP ABL Claims, DIP Term Facility Claims,
ProfessionalFee Claims and Priority Tax Claims, the Claims and Interests in the Debtors have been classified into eight classes, the treatment of which is set forth in Article III of the Plan of Reorganization. In particular, on the Effective Date, all of the Debtors' Interests (Class 8), including the Company's common stock, will be canceled, released and extinguished without any distribution.
· On and after the Effective Date, the Debtors shall continue in existence as the
Reorganized Debtors for the limited purposes set forth in the Plan of Reorganization, which include winding down the Estates and liquidating any remaining assets, resolving Disputed Claims, paying Allowed Claims as provided thereunder, and otherwise administering the Plan of Reorganization.
· As of the Effective Date, the Plan Administrator or a representative thereof
shall act as the sole manager and officer, as applicable, of the Reorganized Debtors. The powers of the Plan Administrator include any and all powers and authority to implement the Plan of Reorganization and to make distributions thereunder and wind down the businesses and affairs of the Reorganized Debtors.
· All indemnification provisions in place as of the Effective Date (whether in
the bylaws, certificates of incorporation or formation, limited liability company agreements, other organizational documents, board resolutions, indemnification agreements, employment contracts or otherwise) for current and former directors, officers, managers, employees, attorneys, accountants, investment bankers and other professionals of the Debtors, as applicable, shall be reinstated and remain intact, irrevocable and shall survive the Effective Date on terms no less favorable to such current and former directors, officers, managers, employees, attorneys, accountants, investment bankers and other professionals of the Debtors than the indemnification provisions in place prior to the Effective Date.
Treatment of the Company's Common Stock
As of
The Plan of Reorganization, as confirmed by the
Assets and Liabilities
Information regarding the assets and liabilities of the Company as of the most recent practicable date is hereby incorporated by reference to the Company's
Quarterly Report on Form 10-Q for the quarter ended
Current Report on Form 8-K filed with the
Additional Information on the Chapter 11 Cases
Court filings and information about the Chapter 11 Cases can be found at a website maintained by the Debtors' claim agent, Prime Clerk, at https://cases.primeclerk.com/ascena/.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit Description Number 2.1 Plan of Reorganization. 99.1 Confirmation Order. 104 Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101).
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