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Home Products Makes Quick Turnaround From Ch. 11

Law360 (March 23, 2007, 12:00 AM EDT) -- Housewares company Home Products International Inc. emerged from bankruptcy on Wednesday after having declared over $116 million in publicly held debt only four months ago.

Under the terms of the company’s second amended Chapter 11 plan of reorganization, senior subordinated notes will be converted into approximately 95% of the company’s post-bankruptcy equity.

The company’s existing common stock has been extinguished, but certain common stockholders will receive the remaining 5% of Home Products’ post-bankruptcy equity. Also extinguished is Home Products’ previous board of directors, which has been...
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