Objection filed in Hastings bankruptcy case - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Objections filed in Hasting's bankruptcy case

Source: KFDA Source: KFDA

AMARILLO, TX (KFDA) - The Hastings Entertainment bankruptcy case remains open with several creditors filing objections Thursday to the proposed plan to liquidate the company.

Hastings filed for bankruptcy in June owing $80 million just for loans it got before filing from Bank of America and Pathlight, according to court documents.

A meeting between the trustee assigned to the case and creditors to be held Wednesday did not happen, according to court filings.There is another meeting of creditors and the trustee scheduled for August 3.

Vobile Inc., the company that rented DVD and Blu-ray units to Hastings, filed the objection claiming that more than $2 million in money owed was not included in the buyout. 

The case is proceeding in a federal court in Delaware, the state where Hastings and its parent company, Draw Another Circle, are both incorporated. They are among three other related companies joined in the bankruptcy.

In a list of top creditors, Hastings listed Universal Studios Home Video, Fox Home Entertainment, Sony Pictures Home and Harper/Collins Publishers for a total of about $9 million.

Hastings appeared to reach an agreement Wednesday with Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC. If the bankruptcy judge approves the deal, the partners will begin the liquidation of all Hasting's stores paying the retailer 75 percent of sales. That money will then go to secured creditors and if any is left to unsecured creditors. The total to the Hasting’s bankruptcy estate could be from $106-$114 million, according to court documents.

Below is a copy of this morning's docket filed in a federal bankruptcy court in Delaware.

Copyright 2016 KFDA. All rights reserved.

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