Orchard Brands' Ch. 11 Plan To Slash $420M In Debt

Law360 (January 20, 2011, 1:19 PM EST) -- Orchard Brands has filed a prepackaged Chapter 11 plan that the clothing and housewares direct marketer says will slash more than $420 million in debt from the company's balance sheet.

Orchard Brands, a portfolio company of private equity firm Golden Gate Capital, filed the reorganization plan Wednesday in the U.S. Bankruptcy Court for the District of Delaware, citing a decline in sales and massive debt loads as the reasons it sought court protection..

On its bankruptcy petition, Orchard Brands listed between $100 and $500 million in...
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