Harry & David Wins Creditor Support For Ch. 11 Plan

Law360, New York (May 10, 2011, 7:06 PM EDT) -- Bankrupt gourmet gift basket company Harry & David Holdings Inc. on Tuesday announced that it had won support from its unsecured creditors and noteholders for a Chapter 11 plan that swaps roughly $200 million in senior debt for new equity.

Harry & David made amends with the official committee of unsecured creditors, removing objections to the debtor’s $100 million credit facility and clearing the way for a $55 million rights offering backstopped by supporting noteholders that will provide the debtor with equity financing to emerge from...
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