Second Distribution Made to Creditors in Filene's Basement Bankruptcy

CLOSTER, N.J., Dec. 17, 2010 /PRNewswire/ -- Alan Cohen, Chairman of Abacus Advisors LLC and Chief Restructuring Officer for FB Liquidating Estate (formerly known as Filene's Basement, Inc.), today announced that a second distribution of dividend checks to Filene's unsecured creditors amounting to 12.5% of approved claims has been made, bringing the cumulative distributions on unsecured claims to 62.5%.

"The company is still reconciling claims that are disputed or that were filed in amounts different from the amounts shown on the company's records," said Cohen. "As these claims are reconciled and disputes are resolved, the Debtor will make additional distributions to holders of allowed unsecured claims. We ultimately expect to pay dividends to unsecured creditors that total 75% or more of their allowed claims."          

As previously reported, secured creditors in the Chapter 11 case have been paid in full, and holders of priority, administrative and convenience class claims have received 100% of their allowed claims.

Filene's Basement voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code on May 4, 2009.  An affiliate of Syms Corp. (Nasdaq: SYMS) acquired substantially all of the company's assets on June 18, 2009, in a transaction executed under Section 363 of the Bankruptcy Code, buying leases for 23 Filene's store locations and a distribution center, along with inventory, fixed assets and equipment at those locations, as well as certain Filene's contracts, intellectual property, trade names and related assets. Syms currently operates 26 Filene's Basement locations in nine eastern and Midwestern states and the District of Columbia.

Questions about unsecured claims should be directed to Steve Goldstein, Corporate Secretary of FB Liquidating Estate, [email protected], with a copy to Dan O'Brien at [email protected]. Creditors can also contact counsel for the Debtor or Creditors' Committee:

About Abacus Advisors

Abacus Advisors (www.abacusadvisors.com) is one of the most experienced turnaround and restructuring firms in the United States.  The firm assists companies of all sizes with comprehensive operational turnarounds, Chapter 11 reorganizations, business wind-downs, real estate dispositions, and out-of-court restructurings. Founded in 1999, the firm has offices in metro New York, metro Chicago and Boca Raton, Fla.

SOURCE Abacus Advisors LLC