Home Products International Files For Ch. 11

Law360, New York (December 20, 2006, 12:00 AM EST) -- Housewares company Home Products International Inc. filed for bankruptcy Wednesday in Delaware, seeking to swap more than $116 million in publicly held debt for equity in the reorganized company.

The company, which sells household products under the brand name “Homz,” had assets of $172.2 million and debts of $217.4 million as of Dec. 2. The company filed a slew of first-day motions Wednesday, asking the court for permission to retain counsel and a financial advisor, as well as pay its approximately 700 employees.

Under the proposed...
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