Kleid Creditors May Get Money This Week

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The dispersal of funds to creditors in the Kleid Co. bankruptcy case could begin this week, pending the signing of a court order.

The order was ready to sign April 27, but was delayed because Judge Stuart M. Bernstein was traveling on business. The attorney for the creditor committee, Tim Brock of Satterlee Stephens Burke & Burke LLP, New York, said he hoped to have the order signed by May 1.

The order provides for a delay of up to seven days before payments begin. More than 200 creditors are owed money by Kleid, New York. In its bankruptcy filing March 11, Kleid listed total debts of $14.6 million and outstanding receivables of $9.3 million.

According to court documents, creditors can expect to receive 96 percent of owed monies, 85 percent of which will be dispersed once the order is signed, with 15 percent being held until the case is completely resolved. A final hearing is scheduled for May 21.
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