Fortunoff Prepares To Liquidate If No Buyer Surfaces

Law360 (February 10, 2009, 12:00 AM EST) -- Bankrupt Fortunoff Holdings LLC has won interim approval to sell its assets at auction and incur post-petition secured debt less than a week after the jewelry and dinnerware maker limped back into Chapter 11 in hopes of wooing a buyer.

According to an interim order Monday in the U.S. Bankruptcy Court for the Southern District of New York, Fortunoff will be allowed to obtain credit and incur debt up to $10 million prior to a Feb. 24 final hearing on its motion to incur post-petition financing...
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