Coldwater Creek Inc.’s unsecured creditors are opposing the liquidating retailer’s proposed plan to exit bankruptcy, arguing that serious revisions need to be made to ensure that creditors recover as much money as possible in the case, the Wall Street Journal reported today. In a court filing on Wednesday, a committee of unsecured creditors asked a judge to slow down the rushed timeline of the five-week-old case “before significant estate resources are needlessly wasted.” If given more time, the committee says that it will work with Coldwater on a new creditor-repayment plan, one that allows creditors to pursue litigation against the company’s former officers and lenders and that gives the committee more control over the liquidation process.
