Home / Knowledge / News / Fashion / Jewelry retailer Friedman Inc to file Plan of Reorganization

Jewelry retailer Friedman Inc to file Plan of Reorganization

08
Aug '05
Savannah, Georgia based jewelry retailer Friedman's Inc the Value Leader announced it filed a proposed Plan of Reorganization and related Disclosure Statement with the United States Bankruptcy Court for the Southern District of Georgia, Savannah Division on August 4, 2005. The filing of the Plan positions Friedman's to emerge from chapter 11 on an accelerated basis in November 2005 before the 2005 holiday sales season.

The proposed Plan of Reorganization, which reflects the outcome of extensive negotiations between Friedman's and Harbert Distressed Investment Master Fund, Ltd., ("Harbert") as the proposed plan investor in Friedman's chapter 11 cases.

The Disclosure Statement filed in conjunction with the Plan of Reorganization includes information about the Plan and the Company's history, accomplishments during the chapter 11 cases, and future prospects including a 2005-2008 business plan that anticipates Friedman's return to profitability in fiscal year 2007.

The Creditors' Committee, which serves as fiduciary for the benefit of all unsecured creditors, has not agreed to the treatment for unsecured creditors proposed in the Plan. Representatives of the Company, Harbert, and the Creditors' Committee devoted significant time and effort in attempting to reach resolution on the treatment for unsecured creditors, but were unable to do so prior to the filing of the Plan.

The Company filed the Plan and has commenced the Court process required to approve the Plan because the Plan should enable the Company to emerge from Chapter 11 with a healthy balance sheet and appropriate liquidity to execute its strategic four year business plan, and the Company's plan investor (which is providing the funding necessary to implement the Plan) would not support more favorable treatment of creditors and interest holders than is contained in the Plan based on the Company's financial circumstances and future prospects as described in the Disclosure Statement.


Must ReadView All

Pic: Shutterstock

Retail | On 5th Mar 2021

Walmart commits $350 bn to US manufacturing in next 10 years

Walmart has announced a strengthened commitment to US jobs and...

Pic: Shutterstock

Retail | On 5th Mar 2021

Primark may take £1.1-bn sales hit from store closures in

Associated British Foods expects to incur a sales loss during store...

UK Chancellor of the Exchequer Rishi Sunak. Pic: GOV.UK

Textiles | On 4th Mar 2021

More support measures for workers, businesses announced in

British chancellor of the treasury Rishi Sunak recently announced...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Trade buzz: This could be a landmark budget

Textile Industry, Head honchos

Textile Industry
Head honchos

Consumer sentiment will be conservative after lockdown

Saket Garg, Garg Corporation

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Sugandha Bhardwaj,

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Yash Jain & Sanjeev Jain,

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search