Montgomery Ward Bankruptcy Plan OKd

Montgomery Ward Holding Corp. won a judge’s approval of its Chapter 11 reorganization plan, which includes selling the retailer’s direct-marketing unit Signature Group for more than $650 million to General Electric Co.’s finance unit. The plan’s confirmation in Bankruptcy Court in Wilmington, Del., comes two years after the troubled Chicago-based company sought court protection from its creditors because of weak sales and heavy losses. Under the plan, secured creditors will be paid in full, and unsecured creditors will receive about 28 cents on the dollar. Montgomery Ward also has been cutting costs and closing some stores.