Fortunoff Creditors Acquiesce To $100M Sale Price

Law360, New York (February 28, 2008, 12:00 AM EST) -- The creditors committee of Fortunoff Fine Jewelry and Silverware LLC said on Wednesday that the sale of nearly all the company's assets should go forward, despite a disappointing price that will likely not result in any distribution to unsecured creditors.

The approximately $100 million bid by NRDC Equity Partners, which owns Lord & Taylor department stores, was the best Fortunoff could do, the unsecured creditors committee said in a statement filed in the U.S. Bankruptcy Court for the Southern District of New York.

“While the committee...
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