Kronish Lieb’s Bankruptcy & Restructuring Group has filed a complaint in the U.S. Bankruptcy Court for the Southern District of New York on behalf of the Official Committee of Unsecured Creditors of Levitz Home Furnishings, Inc. As reported in The Troubled Company Reporter, Kronish Lieb represents the Official Committee of Unsecured Creditors for Levitz in one of the most-watched bankruptcy cases this year.
A key element of the complaint involves the company's plan to unbundle its 42-Store Unitary Lease, signed in 1999. The complaint contends that the Initial Agreement concerned 20 individual properties, owned by 20 individual landlords located in a variety of jurisdictions. Amendments to the Initial Agreement resulted in the addition of 22 leased premises.
Levitz Home Furnishings, Inc. is a leading retailer of furniture in the United States with 121 locations in major metropolitan areas. The Company and its 12 affiliates filed for chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case No. 05-45189).
Kronish Lieb Bankruptcy & Restructuring partners Cathy R. Hershcopf and Jay R. Indyke lead the representation of the Official Committee of Unsecured Creditors for Levitz, with partner Ronald R. Sussman leading the litigation efforts in the case. Kronish Lieb is currently the highest ranked law firm for the number of unsecured creditor active assignments with 45, according to the most recent league tables in The Deal's Bankruptcy Insider.