Harry & David Wins OK Of Ch. 11 Plan After PBGC Deal

Law360, Wilmington (August 11, 2011, 6:30 PM EDT) -- Harry & David Holdings Inc. won a Delaware bankruptcy court’s blessing on its reorganization plan after striking a deal Thursday with the Pension Benefit Guaranty Corp. that improved the pension manager’s take on claims stemming from the company’s abandoned pension plan.

Under the settlement, the pension manager will receive a $36 million claim in the bankruptcy that will be treated on equal footing with general unsecured creditors — a 10 percent recovery paid in cash. In return, the PBGC withdrew its objection to the reorganization plan...
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