Rocket Confirmations Gain Traction

Early evening on February 23, 2021, Belk Inc. and its affiliates (collectively, “Belk”) filed their Chapter 11 bankruptcy petitions in the Bankruptcy Court for the Southern District of Texas. Less than seventeen hours later, Judge Marvin Isgur confirmed Belk’s pre-packed plan of reorganization. Belk is not the first Chapter 11 bankruptcy case to accomplish plan confirmation within the first twenty-four hours after filing a petition, and it certainly won’t be the last. In 2019, Sungard Availability Services Capital, Inc. and its affiliates filed their Chapter 11 petitions and similarly confirmed their plan the following day. Likewise, FullBeauty Brands Inc., a retailer like Belk, also achieved plan confirmation less than 24-hours after filing its Chapter 11 petition earlier in 2019.
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