Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

Tandy Brands Accessories Voluntary Chapter 7 Consented

Following a March 11, 2014 involuntary Chapter 7 filing, Tandy Brands Accessories consented to a voluntary Chapter 7 filing with the U.S. Bankruptcy Court in the Northern District of Texas, case number 14-31252. The Company, which designs and markets branded men’s, women’s and children’s accessories like belts, gifts, and small leather goods, is represented by Michael P. Massad, Jr. of Winstead. According to documents filed with the SEC, “[A]fter careful consideration of the results of the Article 9 process, the disposition of certain additional assets during the pendency of the Involuntary Position pursuant to authority under Section 303(f) of the U.S. Bankruptcy Code, the remaining assets available for creditors, the costs associated with any further opposition to the Involuntary Petition and the outstanding obligations of the Company and its subsidiaries, the Company determined it would be advisable and in the best interests of its stakeholders to consent to the Involuntary Petition and the appointment of a trustee. The Company anticipates that its senior lender will have been paid in full and amounts will be available to the Company’s unsecured creditors. The Company does not anticipate any amounts will be available for distribution to the Company’s equity holders.”

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