On August 30, the bankruptcy court for the District of Delaware confirmed Boxed Inc.’s second amended plan of liquidation on a fully consensual basis. The plan is the result of a global settlement among the debtors, the official committee of unsecured creditors and prepetition first lien lender, BlackRock, and includes $750,000 of funding for a liquidation trust to pursue retained causes of action. The plan also provides for the appointment of a post-effective date estate representative to wind down the debtors’ estates. Fox Rothschild served as counsel to the official committee of unsecured creditors through plan confirmation and will assume the role of Delaware counsel to the liquidation trustee when the plan goes effective this month.
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