Orchard Brands Wins Statement Approval In Ch. 11

Law360, New York (March 1, 2011, 8:26 PM EST) -- Orchard Brands Corp. obtained bankruptcy court approval for its disclosure statement on Tuesday, allowing creditors to begin voting on a reorganization plan that aims to slash the retailer’s debt load by $420 million.

Judge Kevin Gross signed off on the disclosure statement in the U.S. Bankruptcy Court for the District of Delaware, setting an April 14 hearing to consider confirmation of the debtors’ proposed Chapter 11 plan.

The plan contemplates satisfying claims with a host of new loans and stock in the reorganized Orchard Brands, according...
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