Hague Textiles, Inc., filed an Amended Disclosure Statement explaining its proposed Plan, which is a “bootstrap” or stand-alone plan.
The Plan relies on the future income of the Debtor to pay its obligations under the Plan. The Plan contemplates the satisfaction of the creditors through a restructuring of the Debtor’s obligations. The Plan contemplates: (i) the satisfaction of all administrative and priority claims (ii) the satisfaction of the allowed secured claims of Provident Commercial Finance, LLC and Commercial Business Funding Corporation; and (iii) the payment of a 20% dividend to the holders of allowed general unsecured claims, including the claims of several undersecured creditors, over a sixty month period from the Effective Date of the Plan. A budget reflecting the Debtor’s projections over the sixty months from the Effective Date as well as the payments proposed to be made pursuant to the Plan.
A full-text copy of the Amended Disclosure Statement dated July 15, 2020, is available at https://tinyurl.com/y6krmnpl from PacerMonitor.com at no charge.
Attorney for the Debtor:
David B. Madoff
Steffani M. Pelton
MADOFF & KHOURY LLP
124 Washington Street, Suite 202
Foxboro, MA 02035
Tel: (508) 543-0040
About Hague Textiles
Hague Textiles, Inc., is a small, family-owned manufacturer, focusing on leather and leather goods such as belts, bags, and carrying case. The company sells products to retail and wholesale customers, and is developing a business with corporate gifts.
Hague Textiles sought Chapter 11 protection (Bankr. D. Mass. Case No. 19-13323) on Sept. 30, 2019. Madoff & Khoury LLP is the Debtor’s counsel.