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Philadelphia, Abankruptcy court judge has signed off on the $100 million sale of Portrait Corp. of America to Consumer Programs, the St. Louis-based operator of Sears Portrait Studios.
The plan sets out how sales proceeds will be distributed among creditors of Portrait Corp., which initially planned to try to exit bankruptcy as a stand-alone company. Unsecured creditors pushed for the sale, which gives them a better chance of recovery than Portrait Corp.’s stand-alone exit strategy.