Bankrupt Hardware Wholesaler Seeks Sale To PE Firm

Law360, Wilmington (June 3, 2013, 6:17 PM EDT) -- Bankrupt hardware cooperative Handy Hardware Wholesale Inc. said Friday it wants to sell itself to a unit of private equity firm Littlejohn Management Holdings LLC in a deal that would pay off all administrative claims and raise the recoveries of unsecured creditors.

Under Handy Hardware's amended Chapter 11 plan filed in Delaware bankruptcy court, Littlejohn would also pay $4 million to cover wind-down costs for the estate and to go toward paying unsecured creditors on a pro-rated basis, according to the company's court filings.

The plan...
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