The US Bankruptcy Court approved the modified third amended joint plan of reorganization of Pier 1 Imports, Inc. on July 30, 2020. The debtor has filed its modified third amended joint plan in the Court on July 29, 2020. As per the amended plan, administrative claims, statutory fees, professional fee claims, DIP claims consisting of Bank of America Term Loan of $7.5 million, Bank of America revolving credit facility of $100 million, Wells Fargo term loan of $7.5 million, Wells Fargo revolving credit facility of $100 million, Pathlight Capital, LLC term loan of $41.22 million, priority tax claims will be paid full in cash and each holder of an allowed other priority claim shall receive maximum $0.21 million of allowed amount. Other Secured Claim of $25.36 million and ABL Claims of $172.25 million shall receive a payment in full in cash. Term loan claims of $190.60 million and general unsecured claims shall receive its pro rata share of the distributable proceeds pursuant to the waterfall recovery after all the prior secured and unclassified claims and a complete waiver and release of any and all claims, causes of action, and other rights against the holders of allowed claims based on claims pursuant to chapter 5 of the bankruptcy code. Intercompany claim and Intercompany interests shall be cancelled, released, and extinguished and will not receive any distribution on account of claim. Interests in Pier 1 will be cancelled, while section 510(b) claims will be cancelled. The plan will be funded through cash in hand, sale of assets and issuance of new pier 1 interests.