Orchard's Ch. 11 Auction Plan Chills Competition, Lender Says
By Matt Chiappardi
Law360, Wilmington (July 2, 2013, 4:46 PM EDT) -- A major creditor in Orchard Supply Hardware Stores Corp.'s bankruptcy case took issue Monday with the company's plan to sell the bulk of its stores with Lowe's Home Improvement LLC as a $205 million stalking horse bidder, arguing the auction's minimum overbid is too high and may chill competitive bidding.
Gleacher Products Corp., which led a group that Orchard owed $129 million under a senior secured term loan as of its Chapter 11 filing date, calculated that the minimum initial overbid to best Lowe's in the...