Hardware Store Chain Plans $205M Sale To Lowe's In Ch. 11

Law360, Wilmington (June 17, 2013, 10:37 PM EDT) -- Orchard Supply Hardware Stores Corp. sought Chapter 11 protection in Delaware on Monday, with the chain of midsized home-and-garden stores hoping to free itself from a burdensome balance sheet through a $205 million stalking horse sale to industry giant Lowe’s Home Improvement LLC.

California-based Orchard — whose petition listed $441 million in assets against $480.1 million in liabilities — had been struggling from a series of issues stemming mainly from its heavy debt load, and decided to enter bankruptcy after efforts at an out-of-court restructuring came...
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