HANCOCK FABRICS, INC. (OTCMKTS:HKFIQ) Files An 8-K Other Events
Item 8.01Other Events.
As previously disclosed, on February 2, 2016, Hancock Fabrics,
Inc. (the Company) and all of Hancocks direct and indirect
subsidiaries (collectively with the Company, the Debtors) filed
voluntary petitions for relief under chapter 11 of title 11 of
the United States Code in the United States Bankruptcy Court for
the District of Delaware (the Bankruptcy Court). The chapter 11
cases (the Chapter 11 Cases) are being jointly administered under
the caption In re Hancock Fabrics, Inc., et al. Case No.
16-10296.
On May 5, 2017, the Company filed a proposed Joint Chapter 11
Plan of Liquidation (the Liquidation Plan) with the Bankruptcy
Court in the Chapter 11 Cases. Also on May 5, 2017, the Company
filed with the Bankruptcy Court a disclosure statement relating
to the Liquidation Plan (the Disclosure Statement), which
describes the Liquidation Plan and the solicitation of votes to
approve the same from certain of the Debtors creditors with
respect to the Chapter 11 Cases. The Liquidation Plan is subject
to, among other matters, approval by certain of the Debtors
creditors and confirmation by the Bankruptcy Court.
Copies of the Liquidation Plan and the Disclosure Statement are
attached hereto as Exhibits 10.1 and 10.2, respectively, and are
herein incorporated by reference in their entirety. Copies of the
Liquidation Plan and the Disclosure Statement are also publicly
available on the Internet and may be accessed at
http://pacer.psc.uscourts.gov or
www.kccllc.net/hancockfabrics. The foregoing description
of the Liquidation Plan and the Disclosure Statement is qualified
in its entirety by reference to the Liquidation Plan and the
Disclosure Statement.
The Disclosure Statement was approved by the Bankruptcy Court on
May 5, 2017. A copy of the Order of the Bankruptcy Court
approving the Disclosure Statement is attached hereto as Exhibit
10.3 and is herein incorporated by reference in its entirety. The
Liquidation Plan has not been approved by the Bankruptcy Court.
The hearing at which the Company will seek Bankruptcy Court
approval of the Liquidation Plan is set for June 12, 2017, as
described further in Exhibit 10.3 hereof. The Disclosure
Statement and the Liquidation Plan remain subject to change, are
described herein and attached hereto for informational purposes
only, and should not be relied upon by any party. This Current
Report on Form 8-K is not a solicitation to accept or reject the
proposed Liquidation Plan. Any such solicitation will be made to
and in accordance with the Disclosure Statement and applicable
law, including orders of the Bankruptcy Court.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
| Exhibit No. | Description |
|
10.1 |
Debtors Second Amended Joint Chapter 11 Plan of |
|
10.2 |
Debtors Second Amended Disclosure Statement for Debtors |
|
10.3 |
Order (A) Approving Second Amended Disclosure Statement |
About HANCOCK FABRICS, INC. (OTCMKTS:HKFIQ)
Hancock Fabrics, Inc. is a specialty retailer. The Company offers fashion and home decorating textiles, crafts, sewing accessories, needlecraft supplies and sewing machines. The Company’s stores offer a range of fabrics and notions used in apparel sewing, home decorating and quilting projects. As of October 31, 2015, the Company operated 260 stores in 37 states. HANCOCK FABRICS, INC. (OTCMKTS:HKFIQ) Recent Trading Information
HANCOCK FABRICS, INC. (OTCMKTS:HKFIQ) closed its last trading session 00.00000 at 0.00130 with 7,250 shares trading hands.
