November 21, 2019 / 1:50 PM / 15 days ago

Avenue Stores' owner tries to turn table on creditors in Ch. 7 row

The equity owner of Avenue Stores LLC said on Wednesday in a filing it wants the plus-size apparel retailer’s Chapter 11 bankruptcy converted to a Chapter 7 liquidation because the committee representing unsecured creditors in the case has “squandered” the opportunity to help resolve the case.

Ornatus URG Holding, an affiliate of Versa Capital Management LLC, said conversion is the “only appropriate outcome” in light of the committee’s “irresponsible behavior,” which included a filing on Monday in which the committee called for appointing a Chapter 7 trustee to potentially press lawsuits against Ornatus.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2pEa1db

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