Judge OKs Orchard Bankruptcy Deal With Lenders, Creditors

Law360, Los Angeles (September 4, 2013, 8:21 PM EDT) -- A Delaware bankruptcy judge on Wednesday approved a settlement allowing bankrupt home and garden retailer Orchard Supply Hardware Stores Corp. to end a dispute with senior lenders and unsecured creditors by giving them most of the $205 million from an asset sale to Lowe's Home Improvement LLC.

Under the terms of the settlement, the senior secured lenders — chief among them Cortland Products Corp. — will receive all proceeds of the sale that are not used to pay off the debtor-in-possession financing loans, minus $35.6 million,...
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