Orchard Wins Ch. 11 Plan OK With Golden Gate Deal

Law360, New York (April 14, 2011, 7:35 PM EDT) -- Several Orchard Brands Corp. affiliates won bankruptcy court approval Thursday in Delaware for their reorganization plan after resolving objections from controlling shareholder Golden Gate Capital Corp. over the plan’s release provisions.

At a hearing in the U.S. Bankruptcy Court for the District of Delaware, Judge Kevin Gross signed off on the plan, which will cut the clothing retailer’s debt burden by almost 60 percent to $324.2 million.

Judge Gross said the plan was a “truly excellent result,” especially in light of the 4,000 jobs likely saved...
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