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Orchard Brands' plan of reorganization confirmed by Court
15 Apr '11
2 min read
Orchard Brands announced that the U.S. Bankruptcy Court for the District of Delaware confirmed the Company's Plan of Reorganization, setting the stage for emergence from Chapter 11, which is expected to occur before the end of April, 2011.
“The ruling marks the last major milestone in advance of the Company's emergence from Chapter 11, and represents the culmination of our restructuring efforts,” said Neale Attenborough, Orchard Brands' Chairman and Chief Executive Officer.
“Our approved Plan, which reduces our debt by over half and gives us access to significant new capital, will enable Orchard Brands to emerge from this process with a financial structure that firmly positions us for long-term success. Thanks to the strong support of our vendor partners, lenders, and the extraordinary work of our associates, we have moved through the restructuring process very quickly, and are on track for a successful exit.”
The Company is being advised by Kirkland & Ellis LLP, its legal counsel, and Alvarez & Marsal and Moelis & Company, its financial advisors.
“Orchard Brands” is a leading, multi-channel marketer of apparel and home products focused on serving the needs of the rapidly growing market segment of women and men above the age of fifty-five. Through its 17 brands the Company provides quality products to consumers through the catalog, Internet and retail channels, with a relentless focus on delivering superior service.
“The ruling marks the last major milestone in advance of the Company's emergence from Chapter 11, and represents the culmination of our restructuring efforts,” said Neale Attenborough, Orchard Brands' Chairman and Chief Executive Officer.
“Our approved Plan, which reduces our debt by over half and gives us access to significant new capital, will enable Orchard Brands to emerge from this process with a financial structure that firmly positions us for long-term success. Thanks to the strong support of our vendor partners, lenders, and the extraordinary work of our associates, we have moved through the restructuring process very quickly, and are on track for a successful exit.”
The Company is being advised by Kirkland & Ellis LLP, its legal counsel, and Alvarez & Marsal and Moelis & Company, its financial advisors.
“Orchard Brands” is a leading, multi-channel marketer of apparel and home products focused on serving the needs of the rapidly growing market segment of women and men above the age of fifty-five. Through its 17 brands the Company provides quality products to consumers through the catalog, Internet and retail channels, with a relentless focus on delivering superior service.
Orchard Brands
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