HANCOCK FABRICS, INC. (OTCMKTS:HKFIQ) Files An 8-K Bankruptcy or Receivership

HANCOCK FABRICS, INC. (OTCMKTS:HKFIQ) Files An 8-K Bankruptcy or Receivership
Item 1.03.

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Bankruptcy or Receivership.

As previously disclosed, on February 2, 2016, Hancock Fabrics, Inc. (the “Company”), along with the Company’s affiliated entities, filed voluntary petitions for relief under chapter 11 of title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) (jointly administered under Case No. 16-10296). On June 20, 2017, the Bankruptcy Court entered an order (the “Order”) confirming the Company’s Second Amended Joint Chapter 11 Plan of Liquidation [Docket No. 1694] (the “Plan”).

On July 28, 2017 (the “Effective Date”), substantially concurrently herewith, the Company filed notice in the Bankruptcy Court [Docket No. 1796] (the “Notice”) that each of the conditions precedent to the effectiveness of the Plan have been satisfied or waived in accordance with the Plan and the Bankruptcy Court order confirming the Plan and, accordingly, the Plan is immediately effective to the terms thereof. The Notice also advises that, from and after the Effective Date, the terms of the Plan will govern the winddown of the Company’s estate and distributions of the Company’s assets to its creditors. Also, on the Effective Date, the shares of common stock of the Company are deemed cancelled. The Notice [Docket No. 1796] is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The Company intends to file a Form 15 with the Securities and Exchange Commission to terminate registration of the Company’s common stock under Section 12(g) of the Securities Exchange Act of 1934, as amended.

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers.

On the Effective Date, and to the Plan, the members of the Company’s board of directors, Steven R. Morgan, Steven Scheiwe and Sam Cortez, as well as the Company’s officers, Steven R. Morgan and Rebecca Flick, are deemed to have resigned.

Item 9.01

Financial Statements and Exhibits

(d)Exhibits

Exhibit Number

Description

99.1

Bankruptcy Court Docket No. 1796 – Notice of (I) Confirmation of the Debtors’ Second Amended Joint Chapter 11 Plan of Liquidationand (II) Occurrence of the Effective Date


HANCOCK FABRICS INC Exhibit

To view the full exhibit click here

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