October 22, 2019 / 12:17 AM / 22 days ago

U.S. trustee demands Payless revise releases in Ch. 11 plan

The bankruptcy reorganization plan proposed by Payless Holdings LLC should be denied unless the footwear retailer rewrites provisions for its third-party releases, the U.S. trustee said on Friday in an objection to the plan.

The government’s bankruptcy watchdog in its objection filed in U.S. Bankruptcy Court in St. Louis said the plan’s releases are “overly broad” because they lack exceptions for wrongdoing, which are routine in third-party releases.

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